What is crypto?
crypto
Crypto is a class of digital assets that market observers track as a risk-sensitive, momentum-driven trade rather than a stable store of value. The record follows how its behavior is compared to other assets and how its adoption timeline is debated.
How it developed
- May 2026 - Mike McGlone said metals look very much like cryptos did last year, implying a parallel in their market behavior.
- Aug 2026 - A Bankless host said a new commodity like this is being born for the first time, though adoption may take 20-plus years rather than six.
- Sep 2026 - Henrik Zeberg said crypto trades as a risk asset, with money rotating into it for momentum rather than as an uncorrelated diversification outside the dollar universe.
- Sep 2026 - Zeberg added that when everyone is crying the dollar is dying, he probably will not be long cryptos and will likely sell them off.
In the evidence
Every line below is attributed to a named speaker.
Zeberg argues crypto is trading as a momentum risk asset, not as an uncorrelated dollar-alternative hedge, undermining the standard diversification case for it.
“It's trading as sort of a risk asset. Again, it's a rotation of money into sort of searching for that next momentum trade as opposed to a diversification into uncorrelated asset that is not in the dollar universe.”Henrik Zeberg · 16 Sep 2026
Henrik Zeberg on using peak dollar-death sentiment as a contrarian crypto exit signal
“When everybody's crying the dollar is dying, I probably will not be long cryptos at that point. and probably sell it off.”Henrik Zeberg · 16 Sep 2026
McGlone argues metals are set up for years of underperformance after their current run, analogous to the roughly 50% crypto drawdown, not a continued bull market.
“To me, metals look very much like cryptos last year.”Mike McGlone · 19 May 2026
Broad crypto adoption may take 20 or more years, not the 6-year timeline many in the industry had anticipated.
“Maybe these things take 20 plus years, not like six years.”Bankless Host · 5 Aug 2026
Compute is likely the first new commodity that could be born natively on crypto rails, implying a novel market structure without legacy infrastructure to displace.
“This is going to be the first time where a new commodity like that is born.”Bankless Host · 5 Aug 2026