For much of 2025, the cryptocurrency market moved on the assumption that U.S. President Donald Trump would become a decisive pro-crypto force. Bitcoin and altcoins rallied ahead of concrete policy action, with investors pricing in political support that ultimately failed to materialize. As Trump’s reinauguration passed and regulatory clarity remained elusive, crypto markets began to decouple from political narratives, signaling a deeper shift underway.
According to Yat Siu, co-founder and executive chairman of Animoca Brands, the fading “Trump trade” marked a critical turning point for the digital asset industry. Rather than relying on political momentum, crypto is now entering a phase driven by structural changes, institutional adoption, and real-world utility. The past year, Siu said, revealed how much of crypto’s growth was tied to expectations rather than fundamentals, forcing the industry to recalibrate.
Institutional capital is playing a central role in this transformation. Large investors are increasingly treating crypto as a long-term asset class rather than a speculative trade tied to election cycles. This shift is changing market behavior, particularly the relationship between bitcoin and altcoins. Siu compares bitcoin to digital gold, positioning it as a reserve asset, while altcoins are pushed to justify their value through productivity, innovation, and practical use cases. Animoca Brands itself is pursuing this thesis by positioning as an altcoin-focused digital asset treasury company, including efforts to list via a Nasdaq reverse merger.
Siu also highlights the growing convergence between cryptocurrency and artificial intelligence. In his view, blockchain provides the trust, sovereignty, and permissionless infrastructure required for autonomous AI agents to operate independently. For many users, exposure to AI innovation may come through crypto rather than traditional equity markets, making digital assets a natural hedge in an AI-driven economy.
At the cultural level, crypto is increasingly shaped by gaming dynamics. Features like trading leaderboards and social rankings reflect how younger, digital-native users engage with finance. Siu argues this “gamified finance” is not superficial, but a natural evolution of how value and participation are understood online.
With global finance, regulatory access, and proximity to major tech hubs like Shenzhen, Hong Kong is, in Siu’s view, uniquely positioned to lead this next phase of crypto’s evolution.
