America's 'Brightest Young Minds' Are 'Quiet Quitting' Crypto Because 'The Curtain Has Been Pulled Back,' Industry Expert Argues

Travis Kling, Chief Investment Officer at Ikigai Asset Management, diagnoses the cryptocurrency space with "Pervasive Quiet Quitting," highlighting the growing disillusionment among long-time participants.

What Happened: Kling took to X to share his observations of a widespread attitude shift among crypto professionals. He sees decreased engagement and a waning belief in crypto’s potential to solve real-world problems.

"What I'm seeing and hearing is that a meaningful swath of the crypto community is simply much less engaged than in prior years," Kling writes. He attributes this to a collective realization that many crypto projects have failed to deliver on their promises of adoption and utility.

He outlined how previous cycles of optimism, driven by developments like DeFi, NFTs and Bitcoin BTC/USD adoption, have given way to a more sobering reality. Kling argues that the "curtain has been pulled back on how utterly pointless and ridiculously overvalued so much of all this is."

Kling noted that the number of new people in the current crypto cycle is not even close to what it was in prior cycles. He added, "Crypto is NOT a preferred avenue for the best and brightest young minds in America." He remarked on the damage done in 2022 to the crypto industry, which is still not rectified.

Also Read: Robinhood Woos Millennials As Crypto-Based Transaction Revenue Spikes 161%

Kling further noted that many remain in the space due to the perceived potential for high returns. He describes a common mindset: "I believe Bitcoin will outperform every other asset class every year for most years… Alongside that, I believe there will be select altcoins that will massively outperform BTC during those up years."

He criticizes the current crypto venture capital landscape, arguing that misaligned incentives allow venture capitalists to profit from projects with little real-world traction. He warns that this "Quiet Quitting" mentality could be contagious, potentially deterring new talent from entering the industry.

While acknowledging the bearish tone of his analysis, Kling concludes with a cautiously optimistic outlook. He suggests that regulatory changes, potentially following a Trump victory in November, could lead to more sustainable token structures and value accrual mechanisms in the altcoin space.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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