From Wall Street to the White House, from Silicon Valley to Shenzhen, a new power network is taking shape.

Article author: Ada

Article source: TechFlow TechFlow

If you had to sum up the cryptocurrency industry in 2025 in one word, it certainly wouldn't be "bull market" or "compliance," but rather "institutionalization."

In this year, for the first time, cryptocurrency ceased to stand in opposition to the global financial system and was formally incorporated into its institutional, capital, and power structures.

Traditional financial giants such as Wall Street capital, sovereign wealth funds, and pension funds began to systematically enter the crypto market. Led by Strategy (formerly MicroStrategy), publicly traded companies incorporated Bitcoin into their balance sheets. Coupled with the massive influx of funds brought by ETFs, Bitcoin broke its all-time high in 2025, reaching $126,000.

Meanwhile, USDT's market capitalization exceeded $183.4 billion, making Tether an important component of the global "dollar alternative payment system." Visa, Mastercard, and PayPal have comprehensively expanded their on-chain payment capabilities, and USDC has been widely used in e-commerce settlements, overseas remittances, and cross-border payments for SMEs, marking the first time that stablecoins have truly penetrated the real economy.

The passage of the GENIUS Act, the shift in the power center of US regulatory agencies, and the systemic inflow of ETF funds... together constitute a profound structural shift: the crypto world has moved from a primitive stage to an institutional era.

Behind these significant advancements lies the support of industry leaders. Their guidance has ushered in a new era of "institutionalization, globalization, and institutionalization" for cryptography.

As we approach the end of the year, we've reviewed and summarized 2025, identifying ten key figures to share with readers and reflect on their impact on the crypto industry in 2025.

1. Trump: The Encryption and Monetization of Political Capital

On January 20, 2025, Donald Trump was sworn in as the 47th President of the United States, marking a fundamental shift in Washington's attitude toward cryptocurrencies.

Trump's campaign promise to make the U.S. the "crypto capital" won him widespread support from crypto businesses and capital. However, what's even more noteworthy is how he directly translated his political influence into economic benefits.

Three days before his official inauguration, Trump launched a token called "Trump" on the Solana blockchain. Leveraging the implicit endorsement of his presidential status and its market positioning as the "official meme coin," the token quickly attracted a large influx of speculative capital, causing its price to surge to approximately $75. According to a Financial Times analysis in March 2025, the project generated a net profit of $350 million through token sales and transaction fees, pushing Trump's personal net worth to a peak of $20 billion.

The Trump administration's policy framework also reflects institutional thinking. On January 23, he signed Executive Order 14178, establishing the "Presidential Task Force on Digital Asset Markets," which explicitly prohibits the federal government from establishing, issuing, or promoting central bank digital currencies (CBDCs), and pledged to promote the development of "dollar-pegged stablecoins."

The executive order issued on March 6th was even more strategically significant: it established the "U.S. Strategic Bitcoin Reserve and Digital Asset Inventory," designating the Bitcoin seized by the Department of Justice and the Treasury Department as national "strategic reserve assets." This move effectively established Bitcoin's formal status within the national financial system.

On July 18, the signing of the GENIUS Act marked a milestone in the institutionalization of cryptocurrencies. This federal law is the first to provide a systematic regulatory response to stablecoins, offering a legal framework for the integration of crypto assets into the mainstream financial system.

However, Trump's tariff policies have also become a significant variable in market volatility. Following the announcement of the "Liberation Day tariffs" in April, the market panicked, with Bitcoin briefly falling to around $85,000. This policy-driven price fluctuation has been jokingly referred to as "TACO trading" (Trump-driven Cryptocurrency Operations).

In addition to its personal token projects, the Trump family also generates substantial profits through World Liberty Financial, which it founded. This company operates the governance token WLFI and the USD stablecoin USD1. According to the Financial Times, the company earned $550 million from selling WLFI tokens and $2.71 billion from its USD1 stablecoin business, with the Trump family holding a 38% stake.

In summary, the Trump phenomenon means that political authority is becoming an important anchoring factor for the value of cryptocurrencies, and the traditional ideal of decentralization is converging towards an ordered reality.

2. Michael Saylor: A Pioneer of the Crypto Reserve Revolution

If Trump represents the encryption of political capital, then Strategy founder Michael Saylor symbolizes a paradigm shift in corporate financial management.

In August 2020, Strategy announced the purchase of approximately 21,454 bitcoins for about $250 million in cash, explicitly stating its strategy of "using bitcoins as a substitute for cash in the corporate treasury." This move is significant beyond a simple investment decision; it redefines the concept of a store of value for the business world.

Saylor systematically constructed a theoretical framework for Bitcoin corporate reserves. He argued on various occasions that companies are not speculating on new technologies, but rather making thoughtful, long-term asset allocation decisions to protect shareholder value. This narrative effectively repositions Bitcoin from a "speculative tool" to "financial infrastructure."

In 2025, there was an explosive growth in Bitcoin purchases by publicly traded companies, with Strategy& continuing to expand its Bitcoin holdings. As of now, the company holds a total of 671,268 Bitcoins, with its most recent purchase occurring on December 15th, when it spent approximately $980 million to acquire 10,645 Bitcoins.

Strategy's stock price reached a high of approximately $414 this year due to the surge in Bitcoin prices. More importantly, a number of publicly traded companies began to follow suit, further driving up Bitcoin prices. According to BitcoinTreasuries data, 192 publicly traded companies currently hold approximately 1,087,857 Bitcoins, representing about 5.45% of the total global Bitcoin circulation.

In its research report, ARK Invest first referred to Strategy as a "pioneer of the DAT model" (Digital Asset Treasury) and defined companies that follow suit as DAT companies. The introduction of this concept marks Bitcoin's shift from an "alternative investment" to a "foundational asset of the corporate financial system."

However, the micro-strategy model also faces market scrutiny. With the recent market downturn, Strategy's stock price has fallen to around $200, and its market capitalization multiple (mNAV) is on the verge of falling below 1. When mNAV falls below 1, Strategy's "BTC value-added cycle" model will face a severe challenge.

Despite this, Michael Saylor remains committed to a long-term strategy. In a media interview on November 17, he stated that Strategy would not sell its holdings unless Bitcoin fell below $10,000.

3. Tom Lee: A Bridge Between Wall Street and the Crypto World

Tom Lee, founder of Fundstrat Global Advisors, played a key bridging role in the historic shift from traditional finance to crypto assets. As one of Wall Street's earliest and most influential Bitcoin bullish analysts, his views shaped institutional investors' understanding of crypto assets.

In 2017, when the mainstream financial world was extremely hostile towards Bitcoin, Lee first proposed in a CNBC interview that Bitcoin could break through $25,000, a prediction that made him "Wall Street's most famous crypto bull." More importantly, his Bitcoin Misery Index (BMI), along with cost and network effect models, which he proposed in 2018, provided a serious valuation framework for Bitcoin, and these models are still widely cited in the industry today.

In 2020, when companies like Strategy and Tesla began allocating Bitcoin, Li repeatedly stated publicly, "Companies will treat Bitcoin as a treasury asset; this is an irreversible trend." His prediction of a bull market in 2021 was ultimately validated.

In 2025, Li expanded his focus to the Ethereum ecosystem. In a media interview, he pointed out that Ethereum was entering the early stages of a "supercycle" similar to Bitcoin's after 2017. Driven by his active promotion, market sentiment remained high, and Ethereum broke its all-time high in August, approaching $5,000.

Li is not only a theorist but also a practitioner. BitMine, the Ethereum treasury company where he serves as chairman, continues to increase its holdings of Ethereum. As of December 21, 2025, the company disclosed holding 4,066,062 Ethereum, representing approximately 3.37% of the total Ethereum supply.

Despite Ethereum recently falling below $3,000 and BitMine's stock price being only $32, Li still maintains his year-end target price of $10,000.

Li's influence lies in his success in introducing Wall Street's analytical framework and investment logic into the crypto world, while simultaneously conveying the innovative value of crypto assets to traditional financial institutions, becoming an indispensable catalyst in the fusion of the two worlds.

4. CZ: The Unwillingness of the Will to Power to Remain Silent

For CZ (CZ), 2025 will be a pivotal year in his rebirth from the shadow of the law and his regaining control of the industry's discourse.

Trump's presidential pardon not only restored CZ's power and freedom but also showcased his top-notch political lobbying skills. However, what truly deserves attention is not the political event itself, but how CZ re-established his dominance in the crypto world in just a few months.

Those who once stood at the pinnacle of power in the crypto industry cannot completely relinquish it. CZ's return is imbued with the strategic foresight and restless ambition of an emperor. Binance's Alpha 2.0 platform, launched in March 2025, ostensibly a launchpad for "discovering early Web3 projects," is in reality a meticulously planned business revolution. It not only overtook OKX Wallet and integrated on-chain asset issuance into the Binance ecosystem, but also reshaped the entire industry landscape.

Activating the BSC chain threatens Solana's position and delivers a devastating blow to listings on second- and third-tier exchanges... It's certainly something special.

What's even more impressive is his precise manipulation of market sentiment. When the "Binance Life" meme coin's market capitalization surpassed $500 million in four days and surged 6,000 times in 96 hours, CZ seemingly casual "#BNB meme szn" hashtag on the X platform instantly ignited a meme coin frenzy across the entire BNB chain.

In 2025, CZ began to interact more frequently with various KOLs, and his tweets also spawned a number of MEME coins. Although he later claimed it was "purely coincidental," a single tweet led to the redistribution of hundreds of millions of dollars in wealth, which is a symbol of power.

Every public move by CZ bears the mark of his will to power. His November investment of 2 million tokens in the Aster project, ostensibly a sign of optimism about the decentralized perpetual contract sector, was actually a declaration to the market that even under heavy regulatory pressure, he still possesses the ability to redefine the industry's direction. He no longer needs to directly control the market through Binance, but rather maintains his influence through more subtle yet more effective means such as investment strategies, social media influence, and ecosystem building.

This shift from direct rule to indirect control has ironically made his power even more unshakeable. CZ has demonstrated a truth through his actions: true power does not depend on a specific position or title, but on the ability to manipulate rule-making and market expectations.

5. Vitalik Buterin: Maintaining a balance between the ideal of decentralization and the reality of institutionalization

On July 30, 2025, Ethereum will celebrate its 10th anniversary, with founder Vitalik Buterin continuing to seek a delicate balance between the ideals of decentralization and the trend towards institutionalization.

Ethereum experienced dramatic price volatility in 2025. In April, its price plummeted to around $1,793, amid extreme market pessimism. However, with the listing of Circle and the rise of stablecoins and the RWA concept, Ethereum regained attention as a core infrastructure.

On June 2nd, Consensys founder Joseph Lubin launched the "ETH Reserve" strategy through the US-listed company SharpLink Gaming (SBET). BitMine, Bit Digital, GameSquare, and other companies followed suit, driving a sustained rise in Ethereum's price. July saw a 40% increase, and August broke the all-time high, reaching $4,946.05.

On July 30th, a symbolic day, Vitalik released "Ethereum 2035: Vitalik's Vision for the Next Decade." In this "decade vision" article, he outlined the direction of Ethereum's development over the next ten years, including scalability, privacy, governance transformation, and the importance of maintaining Ethereum's experimental culture. His roadmap depicts Ethereum's vision of transforming from supporting crypto applications into a critical global infrastructure.

On October 20, Vitalik announced the launch of the GKR protocol (Goldreich–Kahan–Rothblum), a Proof-of-Stake/ZK computing framework designed for high-speed proof generation, applicable to large-scale blockchain and AI computing. This is considered Ethereum's next-generation "superproof system" and the underlying technological support for Ethereum's lightweight strategy.

However, Vitalik remains cautious about the institutionalization trend. While Ethereum Treasury and institutional holdings have driven up prices, he believes that continued institutional buying poses two major threats: first, it could drive away users and core developers who genuinely care about decentralization, leading to community churn; second, institutional pressure could lead to inappropriate technical decisions that deviate from Ethereum's technology roadmap.

At this year’s Devconnect conference, Vitalik issued a significant warning, stating that quantum computing could break elliptic curve cryptography before the 2028 US presidential election, and urged Ethereum to upgrade to quantum-resistant algorithms within four years.

For emerging applications such as prediction markets, Vitalik recommends using distributed oracles to avoid malicious manipulation.

Vitalik's thinking represents a profound dialogue between crypto-native thinking and institutionalized reality. He aims to ensure that Ethereum can shoulder the responsibility of global financial infrastructure while maintaining its decentralized and experimental nature.

6. Kim Jong-un: Tax the entire crypto industry

Beneath the glamorous facade of cryptocurrency institutionalization in 2025, a hidden force from the Korean Peninsula is reshaping the risk landscape of global digital assets.

Several hacking groups affiliated with the Korean People's Army Reconnaissance General Bureau (RGB), including Lazarus Group, APT38, and Kimsuky, have shifted from traditional political espionage to systematic attacks driven by economic interests.

In 2025, North Korean hackers demonstrated astonishing technical capabilities.

In February, a North Korean hacking group attacked the cryptocurrency exchange Bybit, stealing approximately $1.5 billion worth of cryptocurrency. In November, Upbit, South Korea's largest exchange, was compromised and $30 million was stolen.

Furthermore, North Korean agents have begun applying for positions at cryptocurrency companies on a large scale, often under false identities. Investigations suggest that approximately 30% to 40% of job applications received by some cryptocurrency companies are suspected of being submitted by North Korean agents attempting to infiltrate the country.

According to a tracking report by Chainalysis and TRM Labs at the end of 2025, North Korean hackers stole a total of approximately $2.02 billion in crypto assets in 2025.

According to an assessment by a UN expert panel, approximately 60% of these seized digital assets were used to circumvent international sanctions and fund nuclear weapons programs; 30% were used to maintain regime stability; and 10% were invested in upgrading cyberattack infrastructure.

For a long time, the international community has tried to cut off North Korea's foreign exchange sources through financial sanctions, but the emergence of cryptocurrencies has changed the underlying rules of this game.

In a sense, this is an extreme form of "national-level crypto-treasury," which does not rely on taxation and market financing but extracts value directly from the global open financial system.

He reminded the entire industry of a harsh reality:

Once cryptocurrency becomes a global infrastructure, it will inevitably become an extension of national competition.

7. Musk: A symbol of the trend toward centralization of power.

In the institutionalization of cryptocurrencies, Musk's influence reflects an important trend: the enormous influence of personal authority on the market.

On August 14, 2025, media reports indicated that SpaceX, owned by Elon Musk, held over $1 billion worth of Bitcoin. In contrast, Tesla sold 75% of its Bitcoin holdings at an unfavorable time, missing out on a huge potential profit.

Musk's influence in the crypto space extends beyond Bitcoin. As a long-time supporter of Dogecoin, although he didn't heavily promote it in 2025, his social media activity still triggered significant market reactions. Simply reposting tweets related to the "green octopus" concept caused a violent surge in the price of Meme coin on the Solana chain.

In the first half of 2025, Musk ventured into politics, leading the Department of Government Efficiency. Although he clashed fiercely with Trump over the Big Beauty Act and even announced the formation of the American Party, the two sides eventually reconciled, and Musk refocused on his business.

The most anticipated event of the second half of the year was Tesla shareholders approving Musk's $1 trillion compensation plan with over 75% of the votes. If this agreement is fully implemented, Musk will become the world's first trillionaire.

The deeper significance of this event lies in the fact that it completely binds Tesla's valuation, strategy, brand, and technological pace to the will of one person. In the cryptocurrency world, many protocols are similarly maintained around a "core founder + token narrative."

The world is entering an "era of strongmen," where individual authority is becoming a key variable in value creation and market volatility. This creates an interesting tension with the initial decentralized ideals of cryptocurrencies.

8. Justin Sun: Learn the rules and utilize the rules

In March 2025, Justin Sun appeared on the cover of Forbes, hailed as "the crypto billionaire who helped the Trump family make $400 million in profits."

That year, his strategic moves were equally remarkable: in April, he provided $456 million in funding to TUSD to prevent it from de-pegging; in the same month, Canary submitted an application for a collateralized TRX ETF; in June, he completed a reverse merger listing of TRON through an investment bank affiliated with the Trump family; and in July, he invested $28 million to become the youngest Chinese commercial astronaut…

However, the most notable change in 2025 was the profound shift in public perception surrounding Justin Sun On social media platforms such as Zhihu and Xiaohongshu, his past courses and statements were re-examined, such as his 2016 call to buy Teslas and Bitcoin, and his advocacy of not getting married or buying a house before the age of 30 to focus on asset accumulation.

These views, once questioned as "unconventional," have been given a fresh interpretation in the current market environment. One commenter on Zhihu remarked, "Justin Sun embodies the mindset of a maritime civilization, embracing the unknown, not seeking the protection of islands and walls, but only seeking the ability to maintain balance amidst storms, re-evaluating all values, and not aligning himself with any external order, good or evil. He is truly chaotic neutral, a superman loyal only to his own will to power."

This reversal of public opinion reflects, to some extent, the predicament of young people in this era. Following traditional social rules and taking things step by step does not necessarily lead to satisfactory results, and young people are shrouded in an invisible sense of disillusionment.

Justin Sun remains the same shrewd individual who is familiar with and knows how to utilize the rules, a skill known as "bug-hunting," where he precisely timees the pulse of the times.

9. Brian Armstrong: Advocate for Compliance Infrastructure

Coinbase founder and CEO Brian Armstrong’s performance in 2025 perfectly illustrates how crypto companies can reposition themselves in the process of institutionalization.

In early 2025, Armstrong explicitly supported the establishment of a U.S. national "strategic Bitcoin reserve" through the Coinbase official blog. On January 21, he stated at the Davos Forum that if the U.S. leadership embraced cryptocurrencies, it would significantly attract investment into the industry. On January 25, he boldly predicted that Bitcoin could surpass gold's $18 trillion market capitalization by 2030.

On March 20, Coinbase released its validator report, showing that the company operates approximately 120,000 validator nodes, staking 3.84 million ETH, representing about 11.42% of the total Ethereum staked, making it the largest single node operator on the Ethereum network. This position establishes Coinbase as a key infrastructure provider for the Ethereum network.

On May 8, Coinbase announced its plan to acquire Dubai-based crypto derivatives exchange Deribit for $2.9 billion, including $700 million in cash and 11 million Coinbase Class A shares, with the goal of creating "the world's most comprehensive crypto derivatives platform".

The data breach that occurred that same month showcased Armstrong's crisis management capabilities. Faced with the threat of hackers collecting the personal data of approximately 70,000 users and demanding a $20 million ransom in Bitcoin, Armstrong publicly refused to pay the ransom. Instead, it established a $20 million "capture reward fund" and promised to compensate the victims. This decision was estimated to cost between $180 million and $400 million, but it upheld the company's reputation and principles.

In the middle of the year, Coinbase hosted the State of Crypto Summit 2025, where Armstrong announced a series of strategic products for the enterprise market, including Coinbase Business, Coinbase Payments, and DEX Trading on Coinbase. He particularly emphasized the ability of stablecoins (especially USDC) to address "real pain points" in enterprise payments, such as reducing settlement fees, accelerating cross-border payments, and expanding financial accessibility.

In November, Coinbase announced it would move its corporate registration from Delaware to Texas. Armstrong publicly praised Texas for being "supportive of economic freedom and crypto-friendly." This move involves not only tax and corporate law considerations but also serves as a clear signal of the company's alliance with "pro-crypto political forces."

Armstrong's strategy embodies the key characteristics of a successful crypto company: operating in compliance with regulatory frameworks, driving the improvement of industry infrastructure, and maintaining a keen sense of innovation.

10. Peter Thiel: Building a Crypto Finance Empire

PayPal co-founder Peter Thiel’s investment strategy in 2025 demonstrates how top Silicon Valley investors build systemic advantages in the decentralized crypto world.

In July 2025, an SEC filing caused a sensation in the crypto world: Peter Thiel's company quietly acquired a 9.1% stake in BitMine Immersion Technologies, becoming the largest investor in this Ethereum vault company.

A month later, Bullish, in which Peter Thiel had invested in 2021, successfully went public on the New York Stock Exchange. Bullish (BLSH) debuted on the NYSE with an offering price of $37, opened at around $90, and surged as much as 170% during the day. It closed with a gain of about 84%, and its market capitalization exceeded $13 billion.

In addition to asset holdings, Peter Thiel also supported the creation of Erebor Bank (which plans to hold stablecoins) specifically for crypto companies and controlled the industry's discourse through CoinDesk.

In his book *Zero to One*, Peter Thiel repeatedly emphasizes that competition is a loser's game, while monopolies generate excess profits. The answer to establishing a monopoly in a decentralized world is: control the underlying infrastructure. When all transactions require stablecoins, controlling the stablecoin protocol is equivalent to gaining the "right to mint coins."

Looking at Thiel's Founders Fund portfolio, its strategic intentions are clear. The fund invests almost nothing in decentralized applications (DApps), only dabbles in GameFi, and has only a slight involvement in NFTs. What they are truly interested in are: Layer 2 scaling solutions (Caldera), compliance infrastructure (Paxos), derivatives protocols (Avantis), and stablecoin networks (Ubyx).

In November, DeFi perpetual DEX Lighter raised $68 million in a new funding round led by Founders Fund. This round valued Lighter at $1.5 billion, making it a unicorn company. Peter Thiel is building a complete crypto-finance empire through diversified investments.

In a recent media interview, Peter Thiel expressed a cautious view on the future of Bitcoin. He believes that after Bitcoin was "co-opted" by institutions and governments such as BlackRock, its upside potential has been significantly compressed, but volatility will remain high. He described the future path as a "bumpy and volatile road," where opportunities still exist, but it's no longer the era of 10x or 100x returns.

Peter Thiel's strategy reflects the long-term thinking of top investors: building infrastructure advantages during the chaotic period of emerging industries, and ultimately achieving influence over the entire ecosystem.

Conclusion

Looking back at the end of 2025, I feel listless.

That year, as Wall Street giants incorporated Bitcoin into their asset portfolios, the US government established a strategic Bitcoin reserve, and stablecoins became an important infrastructure for international payments, cryptocurrencies completed a magnificent transformation from an "anti-establishment tool" to a "core component of the system."

More importantly, 2025 showcased the complex flow of power between the old and new worlds. Traditional financial elites like Tom Lee paved the way for institutional capital to enter the crypto market; political leaders like Trump directly participated and benefited from it; and native crypto builders like CZ and Vitalik adapted to institutional requirements while maintaining their innovative vitality.

This institutionalization process has also brought about profound reflections. When decentralized technologies are widely adopted by centralized institutions, and when individual authority (such as Musk and CZ) can significantly influence the "decentralized" market, are we heading towards a more centralized future?

The impact of cryptocurrencies has transcended the realms of technology and finance, becoming a crucial component of geopolitics and cultural soft power. From Wall Street to the White House, from Silicon Valley to Shenzhen, new power networks are emerging.