As crypto enters mainstream finance, founders question whether its original revolutionary spirit can survive.

Crypto’s early days were marked by wild innovation, ideological fervor, and a sense of breaking free from traditional finance. But as the industry matures, some of its most vocal founders now worry that the very essence of what made it revolutionary is fading.

Rune Christensen, founder of Sky, recently lamented on social media that crypto’s once-unique culture is blending into broader tech movements, losing its distinct identity in the process. “The wonky, deeply idiosyncratic crypto community has become more mainstream,” he observed. “As that happens, it’s becoming less about crypto and more about general techno-optimism or pessimism.”

Others point to growing pains scams, regulatory pressure, and the push for profitability as signs that crypto’s rebellious roots are being pruned. David Bailey, CEO of BTC Inc., argued that many projects now face a stark choice: adapt to traditional finance or risk irrelevance. “For crypto to survive, it has to embrace being a security,” he said. “Generate profits. Pay dividends. There’s no other way.”

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Meanwhile, Yu Hu, founder of Web3 data platform Kaito, warned that builders are losing interest as funding dries up and airdrop expectations dominate. Without solutions, he fears the space could devolve into “no users, no builders just intermediaries.”

Bitcoin’s “digital gold” narrative still holds strong, but for the wider ecosystem, the question lingers: Can crypto keep its magic, or is it destined to become just another corner of Wall Street?