CHAPTER 20The Future of Crypto: Equities, ReFi, and UBI

We have come a long way from the genesis block and Silk Road, but we are still so early. What we're seeing now is merely the foundation for what this industry will become. No one can predict the future with precision, especially in crypto, but there are a few major trends that I see developing in the next few years.

Crypto Grows Up

One thing we're almost guaranteed to see is more regulation. Regulation will be a double‐edged sword that will have both negative and positive consequences, but overall it will likely be good for the industry. Some aspects of the cypherpunk vision will be watered down as regulators crack down on privacy applications, but the permissionless nature of blockchain networks will make it difficult to ban these applications entirely. The debate about privacy on blockchains is very tricky, and it's one of those issues where there are points on both sides that make a lot of sense. On the one hand, I hate to see terrorists, scammers, and rug‐pullers using this technology to avoid the consequences of their crimes. This narrative has brought a lot of negative attention to the industry, and it would be nice to see that narrative change. It's not that simple, though. There are legitimate reasons to want to stay anonymous on the blockchain, especially for people in countries that are corrupt and oppressive.1 I don't favor giving dictators a complete view of every citizen's financial records. So it's not ...

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