Crypto’s Comeback: From Winter Gloom to Market Boom

Industry Recovers from 2022 Crashes, Eyes Mainstream Acceptance

The cryptocurrency sector, once reeling from major implosions and widespread layoffs, is experiencing a robust resurgence. After a challenging 2022 marked by the collapse of giants like FTX and Three Arrows Capital, and the dramatic value drop of TerraUSD and Luna, the mood has decidedly shifted. Bitcoin’s value has surged past historic highs, buoyed by institutional adoption and a more favorable regulatory climate.

A Shift in Fortunes

In stark contrast to the bleak outlook of three years ago, Bitcoin has soared, with prices topping US$140,000 in January. Major financial institutions like Goldman Sachs, BlackRock, and DBS are increasingly embracing cryptocurrencies, signaling a new era of mainstream acceptance.

The global crypto conference, Token2049, exemplifies this resurgence. Expected to draw 25,000 participants to Singapore in October, it’s a significant leap from its 2022 debut which attracted only 7,000 attendees. This year, the conference will occupy five floors of the Marina Bay Sands Expo and Convention Centre, a five-fold increase in space.

Kaushik Swaminathan, head of strategy at Web3 security firm Zellic, observes a palpable shift. “Post-Trump’s election, crypto has been on a tear upwards,” he says, adding that increased wealth within the sector fuels a sense of optimism. “When the price goes up, people feel rich. When people feel rich, they do indulgent things,” he notes, drawing parallels to crypto events that have taken over yachts and Michelin-starred restaurants in locations like Cannes.

The Crypto Culture Evolves

The distinctive “crypto bro” culture, characterized by its anti-establishment ethos and roots in internet meme culture, is now integrating more broadly into the mainstream. This cultural shift is attracting a new wave of talent, including recent graduates who might have previously pursued careers in traditional finance or big tech.

Imran Mohamad, a 41-year-old crypto enthusiast and head of marketing (Apac) for blockchain company Move Industries, recalls receiving Bitcoin on a thumb drive in 2010 when the technology was obscure. His journey reflects the sector’s volatile history, including the 2017 initial coin offering (ICO) boom, where many projects failed to materialize, and a later experience with a hack at crypto trading platform Kyber Network.

The industry’s communication channels often lean towards platforms like Telegram and X (formerly Twitter), and networking frequently blurs the lines between professional and social activities.

Aneirin Flynn, 31, CEO and founder of crypto cybersecurity startup FailSafe, exemplifies this freewheeling approach. He even hired a hacker who identified a vulnerability in his firm’s code. “He didn’t want to tell us his real name or where he was from,” Flynn recalls of the hacker, who was later found to be based in Egypt and has since become a valuable asset to the company. Flynn acknowledges the inherent risks: “But there was a real chance that he could have been a bad guy.”

The prevalence of fraud in the sector underscores the importance of face-to-face interactions. Flynn prefers networking through events that foster teamwork under pressure rather than casual parties.

Mainstream Integration and Regulatory Scrutiny

The growing institutional interest in cryptocurrency, with major players like BlackRock and Goldman Sachs participating in events like Token2049, signifies a move towards greater legitimacy. This trend is attracting professionals from traditional finance and tech sectors, including experienced individuals and recent graduates.

Hassan Ahmed, Coinbase’s Singapore country director, notes a significant increase in job applications. “The regulatory uncertainty was not just weighing on companies and capital allocators, but also on job applicants,” he stated, highlighting how clearer regulations are now attracting talent previously hesitant to commit to the industry.

Similarly, OKX Singapore CEO Gracie Lin reports a threefold increase in applications in the first half of 2025 compared to the previous year, indicating a surge in interest across various experience levels.

The shift is also evident at Token2049, where speakers now include representatives from traditional financial institutions alongside crypto pioneers. This mix of cultures, from suited professionals to those embracing meme culture, creates a unique dynamic.

Eddie Hui, who transitioned from a 23-year tenure at Societe Generale to MetaComp, a digital payment solution provider, highlights the need for education when engaging with traditional finance. “I never expected to be doubted in my field of work,” he admitted, noting the difference in hiring compared to banking, where finding experienced professionals is often challenging.

The cryptocurrency sector’s inherent volatility is seen by some as a feature rather than a bug. Brian Chan, deputy CEO of Animoca Brands, views this volatility as a natural sifting mechanism. “The volatility of crypto is a feature, not a bug, of the industry,” he stated, noting that it helps identify genuine believers from those solely seeking short-term gains.

Singapore’s regulatory stance, with the Monetary Authority of Singapore (MAS) tightening rules for crypto service providers, reflects a complex balancing act. While the republic aims to foster innovation, it also prioritizes consumer protection and market integrity.

Despite the challenges of regulation, the sector continues to attract interest. The emergence of stablecoins as a dominant use case, with settlement volumes surpassing traditional payment giants like Visa and Mastercard, underscores the technology’s growing utility. As of September 2023, Bitcoin’s market capitalization placed it behind only gold and the top six US companies, demonstrating its significant integration into the global financial landscape.

This evolving landscape suggests that the crypto industry, while retaining some of its counter-cultural roots, is increasingly professionalizing, drawing talent and capital that were once exclusively focused on traditional finance and technology sectors.