Wintermute founder: The crypto industry has deviated from cypherpunk ideals and needs to return to its roots

AIcoin2026/02/22 19:52

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Wintermute founder Evgeny Gaevoy recently stated on Fortune magazine's Crypto Playbook podcast that the crypto industry is increasingly dominated by a mindset focused solely on price appreciation, deviating from the cypherpunk philosophy. Bitcoin was originally intended to build a decentralized monetary system, but the industry's development has become more centered around financialization and speculation. He believes the crypto industry should return to the cypherpunk spirit rather than fully integrating with Wall Street. In addition, he pointed out that although the total value locked (TVL) in the Ethereum ecosystem exceeds $120 billions, most of it is "idle funds," with a very low proportion actually integrated into the real economy, which still falls short compared to the traditional financial system.

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According to data from the US Department of the Treasury, in the 12 months ending July this year, overseas investors made net purchases of US stocks totaling $942 billion, marking the highest rolling 12-month total since records began in 1985. The net purchases in the second quarter alone reached $426 billion, setting a new single-quarter record. Meanwhile, overseas demand for US Treasuries has noticeably cooled, with purchase volumes falling significantly. As a result, the US is facing higher costs in government debt financing.

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