The past year has marked a turning point for digital assets. The conversation has shifted from technical experimentation to institutional implementation – a transition that reshaped both the Web3 and capital markets.
Last Autumn I published the second edition of my book “Cryptocurrency Unchained” because the market had moved faster than expected. In a relatively short period, digital assets evolved from a largely technical discussion dominated by builders and early adopters into a subject of serious engagement among allocators, policymakers and financial institutions. I have since launched Giltspur Associates as a boutique digital asset advisory practice; the latter move became increasingly obvious as a practical response to market observations and the nature of the conversations I was having.
A New Lease of Life for Technical Bankers
For much of the past decade, digital assets were discussed largely in technical terms. Developers spoke about protocols, consensus mechanisms and scaling solutions – often in language that traditional finance understandably found opaque. Today, the centre of gravity has shifted. As institutional interest in Bitcoin allocation, custody frameworks and tokenisation has accelerated, the conversation has moved firmly into governance, risk, infrastructure and market dynamics.
There is also a certain irony in this moment. Many of the same long-serving bankers who spent years in highly specialised product verticals – and gathering at conferences like SIBOS to debate payment rails and settlement plumbing – now find themselves back in demand as markets look to digitise their foundations. Meanwhile, parts of the Web3 world are discovering that financial architecture comes with its own dense vocabulary. In practice, the dialogue now runs in both directions, with each side at times still struggling to interpret the other!
Educating both sides – the need for an Interpreter
That gap in understanding is really why I returned to Cryptocurrency Unchained so quickly. The second edition is intended as a broad, clear and structured explanation of digital assets – from the foundations of Bitcoin and Ethereum through to the prevailing themes shaping the sector today, including DeFi, tokenisation and institutional adoption. It is written primarily for financial professionals, policymakers and serious investors, but equally for anyone approaching the space with an enquiring mind. The aim was not advocacy but understanding: to provide a balanced account of how the technology works, how the market has evolved and why it is increasingly being taken seriously across mainstream finance.
When the first edition was published, much of what is now central to the market was still emerging. Within a relatively short period, however, the landscape shifted decisively – most notably in the United States after the 2024 election. Whatever one’s political view, the change in direction was unmistakable: policy moved away from regulation by enforcement towards a more structured legislative framework. Following the approvals of spot Bitcoin and Ethereum ETFs and the subsequent acceleration of institutional participation, we have experienced a turning point in how digital assets are understood, governed and integrated into mainstream finance. A second edition was therefore less an update than a necessary revision of the broader narrative.
From Hype Cycles to Gradual Integration
What we are seeing now is less a cycle than a gradual integration. Bitcoin and digital assets are increasingly discussed alongside gold, sovereign debt and commodities; not as replacements, but as complementary assets with distinct characteristics. Institutional adoption has brought greater discipline to the conversation, with more emphasis on allocation, liquidity, custody and governance than on short-term price movements. Infrastructure has matured alongside participation, reducing operational friction and making engagement more practical for serious investors.
There is also a certain convergence in language. Concerns about persistent inflation and currency debasement, long familiar within the digital asset community, are now increasingly echoed in institutional research. It was more than a little amusing when the Bitcoiners amongst us first heard tier-one banks referring to what they describe as “the debasement trade.” It is no small sign of how the narrative has evolved.
The Need for Understanding Digital Assets
With that maturity comes a different responsibility. Access to digital assets is no longer the primary constraint; understanding them is. As the market becomes more institutional, the need for clear, balanced education only increases — not just for investors, but for advisors, policymakers and financial professionals navigating the digital economy.
“Access to digital assets is no longer the primary constraint; understanding them is.”
Risk on or Risk off?
Increasingly, for banks, wealth managers and intermediaries, a zero allocation is coming to be seen less as inertia and more as an active strategic decision requiring justification. That, ultimately, is what Cryptocurrency Unchained is intended to provide: context, structure and a measured framework for thinking about an asset class that is still widely discussed but not always widely understood.
The Institutional Age has Begun
We are definitely entering a phase in which digital assets are becoming less ideological and more institutional; less speculative and more structural. That transition will take time – much longer than many enthusiasts think – but its direction is increasingly clear. From my perspective and from the conversations I’ve been having recently, it is fair to conclude that thoughtful engagement matters far more than early positioning. If the aim is to understand how this market has evolved, and where it may be heading, I hope that Unchained provides that context and clarity. That is precisely what my book was intended to help with.
