The crypto ecosystem is still sufficiently immature and irrational that it is difficult to predict where value will accrue. Enforcement of claims on cash flows is weak, demand for most assets is highly reflexive and narrative-driven, and the legal and competitive environment is unstable, so any given token’s long-run “equilibrium” is unusually hard to estimate.

TLDR: Crypto is evolving into a polymorphic financial substrate: the same decentralized rails—with adoption driven by supportive U.S. policy and explosive infrastructure growth—will simultaneously harden into core global financial infrastructure, sustain an increasingly gamified, speculative economy, and enable more automated transactions; bringing orders of magnitude more value onchain.