For much of 2025, cryptocurrencies traded at high levels as markets were swept up in the euphoria of Donald Trump's victory.
His election promised clear regulation and political cover for risks.
By the end of the year, the situation changed dramatically, as it became clear that cryptocurrencies were not a priority for the White House. Trump publicly supported cryptocurrencies, but this did not lead to structural changes.
Animoca Brands co-founder Yat Siu believes that this has ushered in a new phase in the cryptocurrency market. Large investors no longer trade based on election cycles and instead allocate funds based on market structure.
Bitcoin is now viewed less as a speculative asset and more as a reserve asset, similar to gold. For this reason, Siu notes, Bitcoin has absorbed capital, while altcoins have lost their political value and are now facing a functional test. Siu is convinced that cryptocurrencies and AI are converging, with blockchains serving as a settlement layer for autonomous systems that require neutral, irreversible mechanisms.
Capital is now being channeled into systems that support automation, digital property, and machine-driven commerce. In this vision, cryptocurrency becomes a functional commonplace.