The Crypto Endgame: Insights from Industry Visionaries
Visions from Mert Mumtaz (Helius), Udi Wertheimer (Taproot Wizards), Jordi Alexander (Selini Capital) and Alexander Good (Post Fiat)
Overviewâ
Token2049 hosted a panel called âThe Crypto Endgameâ featuring Mert Mumtaz (CEO of Helius), Udi Wertheimer (Taproot Wizards), Jordi Alexander (Founder of Selini Capital) and Alexander Good (creator of Post Fiat). While there is no publicly available transcript of the panel, each speaker has expressed distinct visions for the longâterm trajectory of the crypto industry. This report synthesizes their public statements and writingsâspanning blog posts, articles, news interviews and whitepapersâto explore how each person envisions the âendgameâ for crypto.
Mert Mumtaz â Crypto as âCapitalism 2.0ââ
Core visionâ
Mert Mumtaz rejects the idea that cryptocurrencies simply represent âWeb 3.0.â Instead, he argues that the endgame for crypto is to upgrade capitalism itself. In his view:
- Crypto supercharges capitalismâs ingredients: Mumtaz notes that capitalism depends on the free flow of information, secure property rights, aligned incentives, transparency and frictionless capital flows. He argues that decentralized networks, public blockchains and tokenization make these features more efficient, turning crypto into âCapitalism 2.0â.
- Alwaysâon markets & tokenized assets: He points to regulatory proposals for 24/7 financial markets and the tokenization of stocks, bonds and other realâworld assets. Allowing markets to run continuously and settle via blockchain rails will modernize the legacy financial system. Tokenization creates alwaysâon liquidity and frictionless trading of assets that previously required clearing houses and intermediaries.
- Decentralization & transparency: By using open ledgers, crypto removes some of the gateâkeeping and information asymmetries found in traditional finance. Mumtaz views this as an opportunity to democratize finance, align incentives and reduce middlemen.
Implicationsâ
Mumtazâs âCapitalism 2.0â thesis suggests that the industryâs endgame is not limited to digital collectibles or âWeb3 apps.â Instead, he envisions a future where nationâstate regulators embrace 24/7 markets, asset tokenization and transparency. In that world, blockchain infrastructure becomes a core component of the global economy, blending crypto with regulated finance. He also warns that the transition will face challengesâsuch as Sybil attacks, concentration of governance and regulatory uncertaintyâbut believes these obstacles can be addressed through better protocol design and collaboration with regulators.
Udi Wertheimer â Bitcoin as a âgenerational rotationâ and the altcoin reckoningâ
Generational rotation & Bitcoin âretire your bloodlineâ thesisâ
Udi Wertheimer, coâfounder of Taproot Wizards, is known for provocatively defending Bitcoin and mocking altcoins. In midâ2025 he posted a viral thesis called âThis Bitcoin Thesis Will Retire Your Bloodline.â According to his argument:
- Generational rotation: Wertheimer argues that the early Bitcoin âwhalesâ who accumulated at low prices have largely sold or transferred their coins. Institutional buyersâETFs, treasuries and sovereign wealth fundsâhave replaced them. He calls this process a âfullâscale rotation of ownershipâ, similar to Dogecoinâs 2019â21 rally where a shift from whales to retail demand fueled explosive returns.
- Priceâinsensitive demand: Institutions allocate capital without caring about unit price. Using BlackRockâs IBIT ETF as an example, he notes that new investors see a US$40 increase as trivial and are willing to buy at any price. This supply shock combined with limited float means Bitcoin could accelerate far beyond consensus expectations.
- $400K+ target and altcoin collapse: He projects that Bitcoin could exceed US$400 000 per BTC by the end of 2025 and warns that altcoins will underperform or even collapse, with Ethereum singled out as the âbiggest loserâ. According to Wertheimer, once institutional FOMO sets in, altcoins will âget oneâshottedâ and Bitcoin will absorb most of the capital.
Implicationsâ
Wertheimerâs endgame thesis portrays Bitcoin as entering its final parabolic phase. The âgenerational rotationâ means that supply is moving into strong hands (ETFs and treasuries) while retail interest is just starting. If correct, this would create a severe supply shock, pushing BTC price well beyond current valuations. Meanwhile, he believes altcoins offer asymmetric downside because they lack institutional bid support and face regulatory scrutiny. His message to investors is clear: load up on Bitcoin now before Wall Street buys it all.
Jordi Alexander â Macro pragmatism, AI & crypto as twin revolutionsâ
Investing in AI and crypto â two key industriesâ
Jordi Alexander, founder of Selini Capital and a known game theorist, argues that AI and blockchain are the two most important industries of this century. In an interview summarised by Bitget he makes several points:
- The twin revolutions: Alexander believes the only ways to achieve real wealth growth are to invest in technological innovation (particularly AI) or to participate early in emerging markets like cryptocurrency. He notes that AI development and crypto infrastructure will be the foundational modules for intelligence and coordination this century.
- End of the fourâyear cycle: He asserts that the traditional fourâyear crypto cycle driven by Bitcoin halvings is over; instead the market now experiences liquidityâdriven âminiâcycles.â Future upâmoves will occur when âreal capitalâ fully enters the space. He encourages traders to see inefficiencies as opportunity and to develop both technical and psychological skills to thrive in this environment.
- Riskâtaking & skill development: Alexander advises investors to keep most funds in safe assets but allocate a small portion for riskâtaking. He emphasizes building judgment and staying adaptable, as there is âno such thing as retirementâ in a rapidly evolving field.
Critique of centralized strategies and macro viewsâ
- MicroStrategyâs zeroâsum game: In a flash note he cautions that MicroStrategyâs strategy of buying BTC may be a zeroâsum game. While participants might feel like they are winning, the dynamic could hide risks and lead to volatility. This underscores his belief that crypto markets are often driven by negativeâsum or zeroâsum dynamics, so traders must understand the motivations of large players.
- Endgame of U.S. monetary policy: Alexanderâs analysis of U.S. macro policy highlights that the Federal Reserveâs control over the bond market may be waning. He notes that longâterm bonds have fallen sharply since 2020 and believes the Fed may soon pivot back to quantitative easing. He warns that such policy shifts could cause âgradually at first ⊠then all at onceâ market moves and calls this a key catalyst for Bitcoin and crypto.
Implicationsâ
Jordi Alexanderâs endgame vision is nuanced and macroâoriented. Rather than forecasting a singular price target, he highlights structural changes: the shift to liquidityâdriven cycles, the importance of AIâdriven coordination and the interplay between government policy and crypto markets. He encourages investors to develop deep understanding and adaptability rather than blindly following narratives.
Alexander Good â Web 4, AI agents and the Post Fiat L1â
Web 3âs failure and the rise of AI agentsâ
Alexander Good (also known by his pseudonym âgoodalexanderâ) argues that Web 3 has largely failed because users care more about convenience and trading than owning their data. In his essay âWeb 4â he notes that consumer app adoption depends on seamless UX; requiring users to bridge assets or manage wallets kills growth. However, he sees an existential threat emerging: AI agents that can generate realistic video, control computers via protocols (such as Anthropicâs âComputer Controlâ framework) and hook into major platforms like Instagram or YouTube. Because AI models are improving rapidly and the cost of generating content is collapsing, he predicts that AI agents will create the majority of online content.
Web 4: AI agents negotiating on the blockchainâ
Good proposes Web 4 as a solution. Its key ideas are:
- Economic system with AI agents: Web 4 envisions AI agents representing users as âHollywood agentsâ negotiate on their behalf. These agents will use blockchains for data sharing, dispute resolution and governance. Users provide content or expertise to agents, and the agents extract valueâoften by interacting with other AI agents across the worldâand then distribute payments back to the user in crypto.
- AI agents handle complexity: Good argues that humans will not suddenly start bridging assets to blockchains, so AI agents must handle these interactions. Users will simply talk to chatbots (via Telegram, Discord, etc.), and AI agents will manage wallets, licensing deals and token swaps behind the scenes. He predicts a nearâfuture where there are endless protocols, tokens and computerâtoâcomputer configurations that will be unintelligible to humans, making AI assistance essential.
- Inevitable trends: Good lists several trends supporting Web 4: governmentsâ fiscal crises encourage alternatives; AI agents will cannibalize content profits; people are getting âdumberâ by relying on machines; and the largest companies bet on userâgenerated content. He concludes that it is inevitable that users will talk to AI systems, those systems will negotiate on their behalf, and users will receive crypto payments while interacting primarily through chat apps.
Mapping the ecosystem and introducing Post Fiatâ
Good categorizes existing projects into Web 4 infrastructure or composability plays. He notes that protocols like Story, which create onâchain governance for IP claims, will become twoâsided marketplaces between AI agents. Meanwhile, Akash and Render sell compute services and could adapt to license to AI agents. He argues that exchanges like Hyperliquid will benefit because endless token swaps will be needed to make these systems userâfriendly.
His own project, Post Fiat, is positioned as a âkingmaker in Web 4.â Post Fiat is a Layerâ1 blockchain built on XRPâs core technology but with improved decentralization and tokenomics. Key features include:
- AIâdriven validator selection: Instead of relying on human-run staking, Post Fiat uses large language models (LLMs) to score validators on credibility and transaction quality. The network distributes 55% of tokens to validators through a process managed by an AI agent, with the goal of âobjectivity, fairness and no humans involvedâ. The systemâs monthly cycleâpublish, score, submit, verify and select & rewardâensures transparent selection.
- Focus on investing & expert networks: Unlike XRPâs transactionâbank focus, Post Fiat targets financial markets, using blockchains for compliance, indexing and operating an expert network composed of community members and AI agents. AGTI (Post Fiatâs development arm) sells products to financial institutions and may launch an ETF, with revenues funding network development.
- New use cases: The project aims to disrupt the indexing industry by creating decentralized ETFs, provide compliant encrypted memos and support expert networks where members earn tokens for insights. The whitepaper details technical measuresâsuch as statistical fingerprinting and encryptionâto prevent Sybil attacks and gaming.
Web 4 as survival mechanismâ
Good concludes that Web 4 is a survival mechanism, not just a cool ideology. He argues that a âcomplexity bombâ is coming within six months as AI agents proliferate. Users will have to give up some upside to AI systems because participating in agentic economies will be the only way to thrive. In his view, Web 3âs dream of decentralized ownership and user privacy is insufficient; Web 4 will blend AI agents, crypto incentives and governance to navigate an increasingly automated economy.
Comparative analysisâ
Converging themesâ
- Institutional & technological shifts drive the endgame.
- Mumtaz foresees regulators enabling 24/7 markets and tokenization, which will mainstream crypto.
- Wertheimer highlights institutional adoption via ETFs as the catalyst for Bitcoinâs parabolic phase.
- Alexander notes that the next crypto boom will be liquidityâdriven rather than cycleâdriven and that macro policies (like the Fedâs pivot) will provide powerful tailwinds.
- AI becomes central.
- Alexander emphasises investing in AI alongside crypto as twin pillars of future wealth.
- Good builds Web 4 around AI agents that transact on blockchains, manage content and negotiate deals.
- Post Fiatâs validator selection and governance rely on LLMs to ensure objectivity. Together these visions imply that the endgame for crypto will involve synergy between AI and blockchain, where AI handles complexity and blockchains provide transparent settlement.
- Need for better governance and fairness.
- Mumtaz warns that centralization of governance remains a challenge.
- Alexander encourages understanding gameâtheoretic incentives, pointing out that strategies like MicroStrategyâs can be zeroâsum.
- Good proposes AIâdriven validator scoring to remove human biases and create fair token distribution, addressing governance issues in existing networks like XRP.
Diverging visionsâ
- Role of altcoins. Wertheimer sees altcoins as doomed and believes Bitcoin will capture most capital. Mumtaz focuses on the overall crypto market including tokenized assets and DeFi, while Alexander invests across chains and believes inefficiencies create opportunity. Good is building an altâL1 (Post Fiat) specialized for AI finance, implying he sees room for specialized networks.
- Human agency vs AI agency. Mumtaz and Alexander emphasize human investors and regulators, whereas Good envisions a future where AI agents become the primary economic actors and humans interact through chatbots. This shift implies fundamentally different user experiences and raises questions about autonomy, fairness and control.
- Optimism vs caution. Wertheimerâs thesis is aggressively bullish on Bitcoin with little concern for downside. Mumtaz is optimistic about crypto improving capitalism but acknowledges regulatory and governance challenges. Alexander is cautiousâhighlighting inefficiencies, zeroâsum dynamics and the need for skill developmentâwhile still believing in cryptoâs longâterm promise. Good sees Web 4 as inevitable but warns of the complexity bomb, urging preparation rather than blind optimism.
Conclusionâ
The Token2049 âCrypto Endgameâ panel brought together thinkers with very different perspectives. Mert Mumtaz views crypto as an upgrade to capitalism, emphasizing decentralization, transparency and 24/7 markets. Udi Wertheimer sees Bitcoin entering a supplyâshocked generational rally that will leave altcoins behind. Jordi Alexander adopts a more macroâpragmatic stance, urging investment in both AI and crypto while understanding liquidity cycles and gameâtheoretic dynamics. Alexander Good envisions a Web 4 era where AI agents negotiate on blockchains and Post Fiat becomes the infrastructure for AIâdriven finance.
Although their visions differ, a common theme is the evolution of economic coordination. Whether through tokenized assets, institutional rotation, AIâdriven governance or autonomous agents, each speaker believes crypto will fundamentally reshape how value is created and exchanged. The endgame therefore seems less like an endpoint and more like a transition into a new system where capital, computation and coordination converge.