Bits + Bips: Could Blackrock Someday Feel Compelled to 'Fire' Bitcoin Core Devs?

Crypto's next phase: governance and quantum risk collide with AI-driven market disruption, a collapse of token VC models, and a rotation from growth to value investing.

Key Takeaways

Quantum fears threaten Bitcoin adoption; publish a clear roadmap, consider opt‑in post‑quantum signatures, and form governance to address allocator perception before institutional capital freezes.
The token‑VC model is breaking; expect token projects to pivot toward cash‑flowing infrastructure, on‑chain equity tokenization, and regulated, revenue‑driven products.
AI is reshaping value: large model firms may be capital incinerators while data‑center providers look like safer infrastructure plays; OpenAI's data‑center obligations pose market risks.
Mag Seven outflows are redistributing capital into value and physically scarce assets; insurers and firms with strong free cash flow fit the renewed Buffett‑style thesis.
Market structure remains fragile—perpetuals, basis trades, and procyclicality can amplify unwind risks; watch futures/spot basis and institutional legging behavior closely.
Layer‑one and derivatives infrastructure will determine crypto's next winners; Solana and Hyperliquid face product and regulatory tests as builders migrate offshore.

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