Jeff Park, director of Bitwise, said in a publication published on May 24, 2026 that the crypto market is entering its “most bullish” phase when compared to the period before NVIDIA’s takeoff. boom of artificial intelligence.
His analysis argues that the sector is at a tipping point. Infrastructure is already built, but mass deployment is not yet possible This is due to regulatory frictions and incomplete integration with the traditional financial system.
In this context, the manager describes the current moment as “a narrow window in which the revolution is visible to some but invisible to others,” and uses this idea to explain how situations can arise. Certain technology infrastructure may still be undervalued Until the market incorporates them in large quantities.
The central comparison of his paper is based on the NVIDIA case. NVIDIA is a company that has long been developing the parallel computing ecosystem and the CUDA architecture, which was launched in 2006. Unless there is a huge demand right away. That earlier research played a critical role when the rise of artificial intelligence turned that infrastructure into a pillar of a new global technology cycle.
Additionally, Park recalls a 2015 conversation with NVIDIA CEO Jensen Huang and Tesla CEO Elon Musk: A metaphor for the present moment. During the exchange, the two sides discussed the potential of artificial intelligence and autonomous driving, which is at a stage where mass adoption and widespread application do not yet exist.
The manager uses this example to reinforce the following thesis: Innovations often become apparent long before they are fully integrated into the market. In that sense, he argues that the cryptocurrency ecosystem is at a stage comparable to artificial intelligence before it exploded commercially.
Growth characterized by three phases
Bitwise executives divide the sector’s evolution into three phases. The first is 0 to 16 miles per hour and corresponds to the early adoption of cryptocurrencies as digital money and permissionless transfer systems. The second, 16 to 50 miles per hour, represents the current limits to which the industry is attempting to integrate with the traditional financial system. The third stage, above 50 mph, will be the stage where chain capital markets are integrated as the standard infrastructure of the global financial system.
According to Park, The middle section is the most complex. This is the point at which technology comes into direct contact with regulatory frameworks such as AML and KYC, and legacy banking systems and fragmented reporting structures also slow the institutional adoption of technology.
In his words, “Money in pre-internet financial infrastructure is colliding with compliance requirements such as AML and KYC, creating a need for accuracy and speed that current systems are not yet able to meet.”
However, it is important to emphasize that there are variables that the paper does not take into account, such as the possibility that European and US regulations may have an impact, although the president has not ruled out this. Evolving towards a more restrictive framework than expectedor parts of traditional financial infrastructure are advanced through a closed digitized system without the need for a public cryptocurrency network.
In addition to this, the duration of this intermediate phase is Extended for more years than the retail market will support From a psychological perspective, this is something that has historically influenced investors’ early exit during technology transition stages.
For now, Bitwise’s approach leaves the market alone. Read structural transitions, not speculative cycles. If concurrency with NVIDIA is maintained, the field is not close to maturity, but still in the pre-mass adoption stage.
(Tag to translate) Cryptocurrency
