Crypto is too big for a bull or bear market narrative, says Re7 Capital founder

Re7 Capital Founder Evgeny Gokhberg argues that the crypto industry has become too broad and too fragmented for a single market narrative to capture what is actually happening. Speaking on TheStreet Roundtable, he pushed back on price-driven framing, noting that while small-cap tokens collapsed and Bitcoin underperformed gold in 2025, other parts of the industry told a very different story — with firms generating double-digit DeFi yields and stablecoin infrastructure businesses exiting successfully to major payments companies.

Gokhberg compared crypto's volatility to the hypothetical of every Silicon Valley startup being publicly listed from day one, arguing that crypto's liquidity and visibility exaggerate failure in a way no other industry experiences. Looking ahead, he sees two trends accelerating simultaneously: traditional banks deepening their adoption of blockchain and public networks, while early-stage projects without real product-market fit continue to fade.

His broader point is that crypto is converging with payments infrastructure — Stripe, Visa, Mastercard — and that stablecoin adoption and cross-border payments are entirely decoupled from whether Bitcoin catches up to gold. The next phase, he argues, will be defined by specialisation rather than spectacle.

For the full article and interview: TheStreet