The Rise Of Crypto and Its Future: Observations from a Tech Veteran
Over the last two to three decades of my career, I have had the great fortune to witness firsthand how technology disruption consistently brings about new and unforeseen opportunities.
My journey began as a software engineer when the Internet was still in its nascent stages. This path has taken me across the globe, providing invaluable experience in Singapore, Germany, the United States, and through my own entrepreneurial ventures in China. Having been deeply embedded in the startup ecosystem throughout my career, it often feels like a stay in the proverbial “Hotel California”—once you’re in, the dynamism and constant evolution are captivating. The perceived excesses that sometimes accompany technological disruption often create an uneasy, yet fertile, imbalance in the market status quo, paving the way for new ventures and innovations.
Today, I observe many striking similarities between the emerging crypto/blockchain market and the transformative trends I’ve witnessed in the past.
Three Key Observations on Crypto Today
Here are three observations I have regarding the current state and trajectory of the crypto space:
1. Growing Adoption Among Those Age 35 and Below
The adoption pattern of cryptocurrencies and blockchain technology strongly mirrors how the Internet was embraced in its early days. Young professionals and university students are often the earliest and most enthusiastic adopters. Meanwhile, those in the 35 to 45 age bracket are typically more cautious, yet many are making a concerted effort to understand the growth potential of this burgeoning trend.
For any business, ignoring how future generations of users view, interact with, and adopt new technologies can be a perilous oversight.
2. Incumbents Often Find Difficulty in Shifting Their Mindset
I recall vividly how, back in the mid-2000s, many established players in the print industry failed to recognize the transformative potential of digital advertising. They held onto the belief that print would remain the dominant medium for reaching their audiences. However, the rapid rise of digital platforms and the widespread adoption of mobile phones caught many flat-footed, leading to significant market shifts.
This pattern of disruption was also evident when companies like Uber, Didi, and Grab revolutionized the ride-hailing industry. Licensed taxi companies, long secure in their positions, were largely caught off guard by these new, tech-driven entrants.
Underlying trends rarely lie. It’s crucial for businesses to avoid letting current revenue streams dictate their entire future direction, lest they miss the next wave of innovation.
3. Emerging Technology is Often Slow Initially, But It May Not Stay Slow
This is a common refrain I’ve heard throughout my career. When Java first emerged, a senior bank executive confidently told me that Java would never find a place in the financial industry due to its perceived performance limitations at the time.
Fast forward to today, and we know that Java not only won the application server market but has also become deeply entrenched as an incumbent technology. Many enterprises now find it challenging to move away from Java-based systems.
We’ve seen this play out in the ride-hailing industry as well. Many incumbent taxi services relied on older technologies, while agile startups captured new market segments by leveraging new technology and adapting quickly to emerging customer behaviors and expectations.
In the financial and crypto-blockchain industries today, we are hearing similar arguments once again. “Blockchain transactions are slow,” is a common critique. But the pertinent question is: will they stay slow? History suggests that performance and scalability often improve dramatically as a technology matures.
The Next Wave of Disruption
Just as Java fundamentally changed the enterprise software landscape, I believe crypto-blockchains like Ethereum and Solana, among others, will be instrumental in shaping future applications and driving widespread adoption of decentralized technologies.
Through my conversations with numerous founders, one conclusion is consistently reinforced: technology disruption continues to be a powerful engine for creating new opportunities.
I am genuinely excited by how technology startups are innovating and disrupting established industries by leveraging new technologies and pioneering novel business models. Some are empowering small businesses, others are helping enterprises tackle critical challenges like climate change. More importantly, they are all contributing to positive change and making a tangible impact on businesses and society.
About the author
YekSoon LOK is the Founding Partner of Awesome Ventures, backing visionary early-stage teams in ClimateTech, FinTech, and frontier markets. His portfolio includes Twilio, RedHat, Cloudflare, and early positions in BTC, ETH, and XLM. He writes about venture strategy, emerging tech, and founder insight. Connect at LinkedIn.