"As trust builds and use cases become more tangible, we expect participation to expand meaningfully."
"As trust builds and use cases become more tangible, we expect participation to expand meaningfully."
"As trust builds and use cases become more tangible, we expect participation to expand meaningfully."
Q. What do you think matters most in crypto right now, and what makes you say that?
It really comes down to institutional adoption. That's what's driving the next phase of this market. We've moved past the early days of purely speculative interest, and what's replacing it is genuine conviction in what the technology can do with payments, stablecoins, and real-world asset tokenisation.Regulatory clarity is a critical enabler. As institutions gain a clearer framework to operate within, confidence naturally flows through to the retail market. The market is now watching for the passage of the CLARITY Act to further strengthen confidence and support long-term development.This momentum reflects a broader shift away from speculation, with real, tangible utility now taking hold across the market.
Q. Regulatory clarity is key to getting there. What changes do you expect technically, economically or socially?
On the technical side, one of the bigger questions the market is grappling with is how Bitcoin protects itself against quantum computing, and specifically existing cryptographic standards such as SHA-256 hold up as that technology matures. It is an ongoing concern as markets consider the acceleration of AI and its potential to challenge existing cryptographic standards, given that Bitcoin, in its current form, is not quantum-proof.Economically, it really comes back to how fiat performs. Bitcoin was conceived as an alternative to traditional money, and its fixed supply means that inflation and broader macroeconomic pressures will have a direct bearing on how widely it gets adopted going forward.Socially, the focus will be on perception and adoption. While progress has been significant, adoption has yet to reach critical mass, suggesting we are still in the early stages of broader blockchain application. As trust builds and use cases become more tangible, we expect participation to expand meaningfully.
Q. What’s a belief you’ve changed your mind about in crypto, and what caused the shift?
I used to believe Bitcoin’s primary purpose was to function as money, enabling easier and more seamless transactions, particularly for international payments. But it's become clear over time that the way Bitcoin was designed makes it less suited as a day-to-day payment rail and far more compelling as a store of value. Something that is closer to gold, the way central banks use it as collateral in reserve accounts.The thesis has shifted from "digital money for transactions" to "digital collateral with fixed supply and immutable properties." That's a meaningful distinction.
Q. Where do you see the biggest gap between what builders are creating and what users actually need?
The biggest gap is trust, and education is the bridge that's still missing. Builders are producing genuinely capable technology, but users are not meeting them halfway, and honestly, a lot of that is the industry's own fault.Years of speculation, high-profile collapses, and bad actors have made ordinary people deeply sceptical. When someone has been burned before, telling them that stablecoin payments are faster and cheaper than what their bank offers is not enough. They need to feel safe first, and right now that feeling isn't there for most people.The technology has moved faster than the narrative around it. Builders are optimising for capability when what users actually need is clarity and confidence.
Our annual Independent Reserve Cryptocurrency Index (IRCI) survey has consistently identified two key priorities for building trust and expanding crypto adoption: clearer government regulation and responsible conduct from industry players. While meaningful progress has been made, public understanding has not kept pace. Many individuals remain unaware of the measures regulators and crypto players have introduced to enhance transparency and strengthen protections within the crypto ecosystem.
Until the regulators and ecosystem invest as seriously in accessible education and transparent communication as they do in protocol development, that gap will persist.
Q. If you could redesign one part of today’s crypto ecosystem from scratch, what would you change and why?
If I could change one thing, it would be how tokens get created and distributed. A limited supply should have been a baseline standard across the board, not just something Bitcoin pioneered and others ignored.
The proliferation of tokens over the years has been largely unchecked. Too many projects were launched with no real supply discipline, which fuelled speculation, eroded trust, and ultimately hurt the entire ecosystem's credibility. If there had been a better mechanism governing how tokens come into existence, one that tied supply more meaningfully to utility or genuine demand, I think the market would be in a far healthier place today.
It's not just a technical fix. It's a foundational design question that would have changed how seriously institutions and regulators approached the space from the beginning.
About Mark
Mark Wong is the Head of Trading at Independent Reserve, bringing over a decade of experience across traditional finance and digital assets. He has managed emerging market currency strategies, with a strong focus on Non-Deliverable Forwards (NDFs). Mark brings deep insights into market structure, trading strategies, and the convergence of legacy finance and digital assets. He is particularly passionate about DeFi and believes the crypto sector has immense potential to transform the future of financial technology.
Q. What do you think matters most in crypto right now, and what makes you say that?
It really comes down to institutional adoption. That's what's driving the next phase of this market. We've moved past the early days of purely speculative interest, and what's replacing it is genuine conviction in what the technology can do with payments, stablecoins, and real-world asset tokenisation.Regulatory clarity is a critical enabler. As institutions gain a clearer framework to operate within, confidence naturally flows through to the retail market. The market is now watching for the passage of the CLARITY Act to further strengthen confidence and support long-term development.This momentum reflects a broader shift away from speculation, with real, tangible utility now taking hold across the market.
Q. Regulatory clarity is key to getting there. What changes do you expect technically, economically or socially?
On the technical side, one of the bigger questions the market is grappling with is how Bitcoin protects itself against quantum computing, and specifically existing cryptographic standards such as SHA-256 hold up as that technology matures. It is an ongoing concern as markets consider the acceleration of AI and its potential to challenge existing cryptographic standards, given that Bitcoin, in its current form, is not quantum-proof.Economically, it really comes back to how fiat performs. Bitcoin was conceived as an alternative to traditional money, and its fixed supply means that inflation and broader macroeconomic pressures will have a direct bearing on how widely it gets adopted going forward.Socially, the focus will be on perception and adoption. While progress has been significant, adoption has yet to reach critical mass, suggesting we are still in the early stages of broader blockchain application. As trust builds and use cases become more tangible, we expect participation to expand meaningfully.
Q. What’s a belief you’ve changed your mind about in crypto, and what caused the shift?
I used to believe Bitcoin’s primary purpose was to function as money, enabling easier and more seamless transactions, particularly for international payments. But it's become clear over time that the way Bitcoin was designed makes it less suited as a day-to-day payment rail and far more compelling as a store of value. Something that is closer to gold, the way central banks use it as collateral in reserve accounts.The thesis has shifted from "digital money for transactions" to "digital collateral with fixed supply and immutable properties." That's a meaningful distinction.
Q. Where do you see the biggest gap between what builders are creating and what users actually need?
The biggest gap is trust, and education is the bridge that's still missing. Builders are producing genuinely capable technology, but users are not meeting them halfway, and honestly, a lot of that is the industry's own fault.Years of speculation, high-profile collapses, and bad actors have made ordinary people deeply sceptical. When someone has been burned before, telling them that stablecoin payments are faster and cheaper than what their bank offers is not enough. They need to feel safe first, and right now that feeling isn't there for most people.The technology has moved faster than the narrative around it. Builders are optimising for capability when what users actually need is clarity and confidence.
Our annual Independent Reserve Cryptocurrency Index (IRCI) survey has consistently identified two key priorities for building trust and expanding crypto adoption: clearer government regulation and responsible conduct from industry players. While meaningful progress has been made, public understanding has not kept pace. Many individuals remain unaware of the measures regulators and crypto players have introduced to enhance transparency and strengthen protections within the crypto ecosystem.
Until the regulators and ecosystem invest as seriously in accessible education and transparent communication as they do in protocol development, that gap will persist.
Q. If you could redesign one part of today’s crypto ecosystem from scratch, what would you change and why?
If I could change one thing, it would be how tokens get created and distributed. A limited supply should have been a baseline standard across the board, not just something Bitcoin pioneered and others ignored.
The proliferation of tokens over the years has been largely unchecked. Too many projects were launched with no real supply discipline, which fuelled speculation, eroded trust, and ultimately hurt the entire ecosystem's credibility. If there had been a better mechanism governing how tokens come into existence, one that tied supply more meaningfully to utility or genuine demand, I think the market would be in a far healthier place today.
It's not just a technical fix. It's a foundational design question that would have changed how seriously institutions and regulators approached the space from the beginning.
About Mark
Mark Wong is the Head of Trading at Independent Reserve, bringing over a decade of experience across traditional finance and digital assets. He has managed emerging market currency strategies, with a strong focus on Non-Deliverable Forwards (NDFs). Mark brings deep insights into market structure, trading strategies, and the convergence of legacy finance and digital assets. He is particularly passionate about DeFi and believes the crypto sector has immense potential to transform the future of financial technology.
Q. What do you think matters most in crypto right now, and what makes you say that?
It really comes down to institutional adoption. That's what's driving the next phase of this market. We've moved past the early days of purely speculative interest, and what's replacing it is genuine conviction in what the technology can do with payments, stablecoins, and real-world asset tokenisation.Regulatory clarity is a critical enabler. As institutions gain a clearer framework to operate within, confidence naturally flows through to the retail market. The market is now watching for the passage of the CLARITY Act to further strengthen confidence and support long-term development.This momentum reflects a broader shift away from speculation, with real, tangible utility now taking hold across the market.
Q. Regulatory clarity is key to getting there. What changes do you expect technically, economically or socially?
On the technical side, one of the bigger questions the market is grappling with is how Bitcoin protects itself against quantum computing, and specifically existing cryptographic standards such as SHA-256 hold up as that technology matures. It is an ongoing concern as markets consider the acceleration of AI and its potential to challenge existing cryptographic standards, given that Bitcoin, in its current form, is not quantum-proof.Economically, it really comes back to how fiat performs. Bitcoin was conceived as an alternative to traditional money, and its fixed supply means that inflation and broader macroeconomic pressures will have a direct bearing on how widely it gets adopted going forward.Socially, the focus will be on perception and adoption. While progress has been significant, adoption has yet to reach critical mass, suggesting we are still in the early stages of broader blockchain application. As trust builds and use cases become more tangible, we expect participation to expand meaningfully.
Q. What’s a belief you’ve changed your mind about in crypto, and what caused the shift?
I used to believe Bitcoin’s primary purpose was to function as money, enabling easier and more seamless transactions, particularly for international payments. But it's become clear over time that the way Bitcoin was designed makes it less suited as a day-to-day payment rail and far more compelling as a store of value. Something that is closer to gold, the way central banks use it as collateral in reserve accounts.The thesis has shifted from "digital money for transactions" to "digital collateral with fixed supply and immutable properties." That's a meaningful distinction.
Q. Where do you see the biggest gap between what builders are creating and what users actually need?
The biggest gap is trust, and education is the bridge that's still missing. Builders are producing genuinely capable technology, but users are not meeting them halfway, and honestly, a lot of that is the industry's own fault.Years of speculation, high-profile collapses, and bad actors have made ordinary people deeply sceptical. When someone has been burned before, telling them that stablecoin payments are faster and cheaper than what their bank offers is not enough. They need to feel safe first, and right now that feeling isn't there for most people.The technology has moved faster than the narrative around it. Builders are optimising for capability when what users actually need is clarity and confidence.
Our annual Independent Reserve Cryptocurrency Index (IRCI) survey has consistently identified two key priorities for building trust and expanding crypto adoption: clearer government regulation and responsible conduct from industry players. While meaningful progress has been made, public understanding has not kept pace. Many individuals remain unaware of the measures regulators and crypto players have introduced to enhance transparency and strengthen protections within the crypto ecosystem.
Until the regulators and ecosystem invest as seriously in accessible education and transparent communication as they do in protocol development, that gap will persist.
Q. If you could redesign one part of today’s crypto ecosystem from scratch, what would you change and why?
If I could change one thing, it would be how tokens get created and distributed. A limited supply should have been a baseline standard across the board, not just something Bitcoin pioneered and others ignored.
The proliferation of tokens over the years has been largely unchecked. Too many projects were launched with no real supply discipline, which fuelled speculation, eroded trust, and ultimately hurt the entire ecosystem's credibility. If there had been a better mechanism governing how tokens come into existence, one that tied supply more meaningfully to utility or genuine demand, I think the market would be in a far healthier place today.
It's not just a technical fix. It's a foundational design question that would have changed how seriously institutions and regulators approached the space from the beginning.
About Mark
Mark Wong is the Head of Trading at Independent Reserve, bringing over a decade of experience across traditional finance and digital assets. He has managed emerging market currency strategies, with a strong focus on Non-Deliverable Forwards (NDFs). Mark brings deep insights into market structure, trading strategies, and the convergence of legacy finance and digital assets. He is particularly passionate about DeFi and believes the crypto sector has immense potential to transform the future of financial technology.
Contributors
.png)
.png)
Articles