The 2025 digital asset forward-looking report "Look Ahead" lets Fidelity tell you whether you can still enter the market.

Here is the English translation of the text, with the specified terms preserved: As the size of the crypto market has grown rapidly, the diffusion effects of the technological revolution are gradually becoming apparent. Fidelity's digital asset company, through a research report called "Look Ahead", points out that 2025 may be an important turning point for digital assets to move from the margins to the mainstream. (Franklin Templeton Digital Assets Releases 2025 Crypto Trend Outlook: The US May Return to the Global Innovation Center) Table of Contents - Is it too late to enter the market now? - Similarities in the development of the Internet and digital assets - The connection between Bitcoin and the macroeconomy remains to be observed - The development prospects of Ethereum L2 - Stable coin regulatory framework becomes key - DeFi combined with AI becomes a topic again - Trends in the adoption of Bitcoin by countries and governments - 2025: The beginning of a new era of digital assets Is it too late to enter the market now? Digital asset research analyst Matt Hogan writes that 2024 will be an important year for the digital asset market, with the proliferation of exchange-traded products (ETPs) and the optimistic sentiment towards the US elections at the end of the year, the crypto market has experienced two significant accelerations. However, for many, a question still remains: "Am I too late?" In response, he cites economist Carlota Perez's theory of technological revolutions, emphasizing that true technological revolutions often transform multiple industries and reshape the economic structure, and Bitcoin and digital assets may be in the "diffusion stage" of this theory, which is the process of technology being embedded in various fields and industries: We believe that 2025 may be a critical year, with many signs indicating that the early stages of mass diffusion and adoption have begun. Similarities in the development of the Internet and digital assets The adoption of innovative technologies is often non-linear, starting from fringe groups and gradually entering the mainstream. The evolution of Bitcoin and blockchain technology reflects the early adoption process of the Internet, from the initial experimental stage to gradual legalization and large-scale application. Currently, we see blockchain technology constantly modularizing to adapt to different uses, and developing privacy-enhancing tools to meet the public's demand for data ownership. Although challenges still exist, digital assets still have the potential to find a balance between mainstream acceptance and commercialization. (Delve deeper: The modular narrative is making a comeback! How do the settlement layer, execution layer, and aggregation layer bring new opportunities?) The connection between Bitcoin and the macroeconomy remains to be observed Bitcoin is often compared to "digital gold investment", and due to the Federal Reserve's (Fed) loose monetary policy, the increase in liquidity may continue to support Bitcoin's price performance. However, as inflation may resurface, Bitcoin's performance in this environment remains to be observed. Historical data shows that gold usually performs well during periods of high inflation, and as a similar asset, Bitcoin may have the same potential. The development prospects of Ethereum L2 Ethereum continues to adopt a roadmap focused on scaling, especially through L2 technology to reduce transaction costs and improve efficiency. Although the transaction volume on the base network has declined, Ethereum still maintains its position as the preferred platform for developers. Facing 2025, Ethereum is focused on improving scalability and network performance, and with the upcoming upgrades including Prague and Electra, Hogan believes these improvements will promote broader adoption of Ethereum, especially in the L2 domain. (In 2025, Ethereum's "Golden Decade" is coming? The community puts forward revolutionary predictions: ETH price may reach $15,000)

Stable Coin Regulatory Framework Becomes Key

Stable Coins have become one of the main applications of Blockchain technology, with their use extending from transaction liquidity to global payments and deposit needs. In 2024, the transfer value of Stable Coins reached $12 trillion, indicating their important position in the global economy. However, a proper regulatory framework may be the key to accelerating the adoption of Stable Coins:

The European Union launched the Crypto Asset Markets (MiCA) regulation in 2024, which provides legal protection for users through comprehensive Stable Coin regulation, and other jurisdictions may follow suit, promoting further development of Stable Coins.

(USDT market cap shrinks due to MiCA implementation, Tether chooses to invest rather than sacrifice earnings to indirectly participate in the EU market)

DeFi Combines with AI Again Becomes a Topic

In 2025, Decentralized Finance (DeFi) is expected to continue to innovate, especially in the areas of dedicated Blockchains, L2 scaling solutions, and applications combined with Artificial Intelligence (AI). New technologies such as Rollups and AI-driven governance tools may further improve the efficiency and scalability of DeFi.

(Bitwise CEO predicts 2025 trends, will AI and tokenization technology reshape the capital market?)

Trends in National and Government Bitcoin Adoption

The launch of Bitcoin spot trading products in 2024 has attracted institutional and retail investor demand. We predict that in 2025, more countries and governments may begin to emulate Bhutan and El Salvador, or even the United States, and incorporate Bitcoin into their strategic asset allocation, especially to address the pressure of high inflation and fiscal deficits:

We expect more countries, central banks, sovereign wealth funds, and government finance departments to seek to allocate funds to the Bitcoin field, and they may do so in a secret and non-public manner.

(Bitwise files for "Bitcoin Standard Corporations ETF", which can include MicroStrategy, mining companies, and game companies)

2025: The Beginning of a New Era of Digital Assets

Finally, although the speculative frenzy may have passed, the diffusion and adoption of digital assets seem to be just beginning, from Bitcoin, Ethereum, Stable Coins to DeFi, these innovative technologies are quietly transforming the global economic structure.

Hogan summarized that the key issue is no longer "whether to participate", but "how to actively participate in this transformation":

2025 may become a milestone for a new era, with the hope of witnessing digital assets further embedded in the global economic and technological structure.