Bankless State Of Crypto 2025 | a16z Crypto — Eddy Lazzarin & Daren Matsuoka
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Oct 22, 2025 
Eddy Lazzarin, CTO at a16z Crypto, and Daren Matsuoka, partner at a16z, dive into the future of crypto in 2025. They explore Bitcoin's dominance and its role as digital gold, along with the rapid adoption of stablecoins rivaling Visa volumes. The discussion highlights decentralized exchanges reshaping price discovery, and the emerging potential of prediction markets. They also tackle the integration of AI with crypto, addressing concerns about quantum risks and the evolving landscape of institutional engagement. Get ready for a thought-provoking analysis!
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Price–Innovation Cycle Primed For Builders
- The price–innovation cycle links prices, developers, and users in a feedback loop that drives crypto booms and busts.
- 2024–25 rose from ETFs and memetics but now primes for a developer-driven wave thanks to stablecoins and infrastructure.
Bitcoin's Dual Narrative Stabilizing Market Share
- Bitcoin's market share near 50% reflects its maturing role as a store-of-value rather than a fading asset.
- Its price behaviour mixes gold-like narratives with tech-market correlations because Bitcoin carries multiple narratives.
Adoption Is Geographic And Use-Case Split
- On-chain adoption clusters in developing countries while web interest and buying activity is concentrated in developed nations.
- Use patterns differ: poorer countries use crypto for payments and remittances; richer ones for trading and investment.
