Miko Matsumura, managing partner at Gumi Cryptos Capital, stated that crypto has won its core structural battles during an interview at the NBX Warsaw conference. Matsumura attributed this victory to institutional infrastructure falling into place and regulation arriving. He welcomed the current bear market but warned it would reward different behavior than previous cycles, with builders repeating meme coin strategies likely to be left behind as fresh capital and tougher regulation arrive.
Matsumura Declares Crypto Structural Victory
Matsumura argued that crypto has secured its structural wins. "I think we've basically won. We've basically gotten everything that we wanted," he stated in the interview with BeInCrypto.
He broke that victory into three components, mapping crypto sectors onto traditional finance roles. "I think the reserve bank is solved which is Bitcoin. I think the investment bank is solved which is Ethereum. I think the retail bank is solved," Matsumura said.
Multiple chains will likely share retail banking duties, with Base and Solana competing for that layer, according to Matsumura. He cited regulation arriving as further proof that the industry has crossed the finish line. The next chapter is about scaling crypto a thousand times bigger, not redefining it, he added.
Matsumura Warns Bear Market Differs from Previous Cycles
Matsumura describes himself as a net accumulator and welcomes lower prices. He cautioned that the next leg up will not reward yesterday's tactics.
"I don't think this is like any other previous bear market because of the change of the phase from the frontier phase into the traditional phase. People won't be rewarded for doing exactly the same thing they did last time," Matsumura stated.
He was direct about meme coin speculation as a path to riches. "I don't think it's going to be like, oh, just go and build another meme coin and then, you know, you'll be rich. Like, it's not going to be like that," he said.
Matsumura emphasized that the deepest stretches of a bear market typically reward the highest-conviction builders. New entrants and tighter rules will reshape what counts as a winning strategy this cycle, he added.
Matsumura Identifies Latin America and Nigeria as Growth Markets
Matsumura pointed to high-growth economies in Latin America and Nigeria as the new frontier for crypto. Solo founders using AI tools to keep burn rates low also stand out, he added.
"You need to continue building in the bear market, but you really need to change things up... build different things and build real practical solutions that solve problems," Matsumura stated.
Matsumura listed courage, curiosity, and conviction as the traits he wants in founders this cycle. Building at the application layer should outweigh rebuilding foundations, he added.
FAQ
What did Miko Matsumura say about crypto's structural wins?
Matsumura stated that crypto has won its core structural battles, identifying Bitcoin as the solved reserve bank, Ethereum as the solved investment bank, and multiple chains including Base and Solana as competing for the retail banking layer.
Why does Matsumura say this bear market differs from previous cycles?
Matsumura stated that this bear market differs because of the phase change from frontier to traditional, with people not being rewarded for doing exactly the same thing they did last time, specifically warning that building another meme coin will not lead to riches.
