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Wintermute’s CEO outlines three potential scenarios for the evolution of the cryptocurrency industry., 2026/03/12 12:16:27
The CEO of cryptocurrency market maker Wintermute, Evgeny Gaevoy, stated that the evolution of the crypto industry is likely to follow one of three scenarios.
The first scenario envisions the integration of the crypto market into the traditional financial sector (TradFi). In this model, banks will gradually adapt specific blockchain solutions to fit the existing financial infrastructure.
“Stablecoins will replace traditional interbank transfers, and decentralized protocols will serve as the technical foundation for derivatives trading,” he explained.
Gaevoy pointed out that in this scenario, the principles of freedom and privacy that underpin the crypto industry would effectively take a backseat. The focus would instead be on modernizing the current financial system, where cryptocurrencies would act as a technological enhancement for banks.
The second scenario, according to Gaevoy, suggests the disappearance of the crypto market as an independent sector. In this case, the primary trading activity could revert to state-regulated platforms.
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The third option anticipates the complete dominance of decentralized finance (DeFi), where transactions occur without user verification processes. However, Gaevoy considers this scenario to be the least likely.
“Major global governments are not inclined to relinquish control over financial flows and transaction monitoring. The hope that regulators will allow anonymous financial products of such scale to exist appears unrealistic,” he stated.
In Gaevoy’s view, the most plausible outcome may be the coexistence of two financial systems—traditional and decentralized. In this model, a sort of parallel economy could emerge, reminiscent of worlds from cyberpunk novels.
In this scenario, blockchain could create an environment that is not entirely governed by either states or large corporations. According to Gaevoy, this scenario would preserve the key innovations of the technology.
In this scenario, blockchain could create an environment that is not entirely governed by either states or large corporations. He concluded that this scenario would preserve the key innovations of the technology, as stated by the head of Wintermute.
Previously, experts from WisdomTree indicated that the cyclical model of Bitcoin’s growth and decline is weakening, and in the coming years, institutional investors will play a crucial role in the crypto market.
