Crypto needs to fix its image—or it’ll stay stuck in its malaise
Crypto has a marketing crisis, not a tech one. ·Fortune·getty images
Mark Grace
6 min read
Crypto is a tale of two worlds. On one hand, the space has never had as strong a product-market fit as it does today across a range of categories, from payments to infrastructure to decentralized finance. Builders have access to capital, a more welcoming (if still imperfect) domestic regulatory environment, and increasingly mature infrastructure. It’s easier to build and use crypto products now than at any point in the past.
Yet on the other hand, the space continues to be awash with grift, short-termism, and a lack of broader public support. Sentiment was supposed to be different in 2025. Instead, a malaise still hangs over the market. What gives?
Having been investing in crypto since 2019, I’m no stranger to skepticism about the space. I’m a believer, of course, and readers of the crypto trades embrace the field—and I’d even venture to say a significant portion of Fortune readers are believers, too. We don’t have to convince each other. We feel the potential and see the progress; the outside world largely sees confusion, scams, and broken promises. So it’s worth writing this and continuing the conversation among friends and skeptics alike.
Crypto’s perception problem
The fact is crypto’s biggest headwind isn’t regulation, price action, or even grifters. It’s perception. From the outside looking in, the industry often comes off as unserious. But beneath the surface, real businesses solving real problems are being built.
We need to advance the conversation beyond the crypto echo chamber on X. We need to build businesses that solve real-world problems—not just airdrop hype or pocket JPEGs as NFTs. Because that’s what the outside world is seeing.
Despite the perception, real progress is happening. Measuring crypto adoption is notoriously difficult, but estimates suggest that around 7% of the global population owns crypto today. That’s meaningful, but it’s nowhere near enough. We haven’t had the “my mom is using crypto” moment yet.
In my day job at a generalist venture fund, I don’t care whether a company uses blockchain or not. But I do care if blockchain unlocks a meaningful advantage. Crypto is a “choose your own adventure” technology and can be applied in a million ways. Sometimes it’s the right tool, sometimes not.
Removing friction—whether in cross-border payments, mobile, or beyond—is how we get crypto to the mainstream. Not by preaching to the choir. Not by leaning into financial speculation. But by creating experiences that are better, faster, and cheaper for everyday people—even if they don’t know (or care) that crypto is under the hood.
Blockchain as the catalyst
Consider DePIN (Decentralized Physical Infrastructure Network), which refers to a physical infrastructure network that uses blockchain to improve the efficiency of a network (e.g., wireless networks, energy grids, data storage, etc.). Projects like Helium and M13 portfolio company Hivemapper incentivize consumers with tokens to participate in their networks (i.e., deploying wi-fi hotposts for Helium, dashcams for Hivemapper), and as a result they can build networks with structurally lower capex costs than their counterparts.
Does the average person know what DePIN is? No. But the average person doesn’t understand or care how Google Maps or Boingo Hotspots work either.
In both cases, blockchain is the catalyst. Token incentives offset the massive capital expenditure that traditionally gatekeep infrastructure build-outs. Participants are rewarded for participation, and networks are scaled faster and cheaper than we’ve seen with that of innovations built on Web2, where users felt compelled to build out and contribute solutions through user generated content and social media. That is the DePIN playbook at work.
Stablecoins—tokens that are pegged to a fixed value, often a fiat currency—have become one of crypto’s real-world use cases. In 2024, stablecoin volumes hit $8.5 trillion. While small compared to the $190 trillion in global cross-border payment volume, they’re growing rapidly for good reason. Programmable payments, 24/7 operations, and nearly instant settlement of stablecoins offer compelling alternatives to the traditional correspondent banking model plagued by trapped liquidity, opacity, high costs, and slow timelines. Friction in cross-border payments will dissipate as dollars become digitized in the form of stablecoins.
But that’s starting to change. Crypto wallets like Phantom are bringing intuitive, consumer-grade experiences to crypto. Mobile wallets are getting easier to set up, fund, and use across applications.
Meanwhile, hardware innovation is picking up steam. The team behind the blockchain Solana developed its own phone, the Saga, and while it may not replace the iPhone anytime soon, it was a strategic signal: The future of crypto needs to be mobile-native, not just mobile-compatible. Expect deeper OS-level integrations—from native wallets to decentralized identity management—to become table stakes in the next wave of devices.
Show don’t tell
Crypto enthusiasts already imagine a future where signing into an app, sending a payment, proving your identity, or verifying a document is native to your phone without needing dozens of middlemen apps or endless passwords. Now, it’s time to simplify the message and make it relevant to outsiders.
To truly break through, the crypto community needs to address our industry-wide marketing problem. Here’s how:
Speak in benefits, not features: Talk about what crypto enables, not how it works.
Embrace accessibility: Build products that feel familiar while delivering new value.
Demonstrate integrity: Actively distance ourselves from the scams and schemes.
Show don’t tell: Let working products build credibility instead of promises.
The next wave of crypto winners will make the technology invisible and inevitable—solving real problems that matter to people outside our echo chamber. I feel that’s already happening.
Crypto has a marketing crisis, not a tech one. We need to stop convincing ourselves and start welcoming outsiders through demonstrable value. Only then will we transform from a niche technology movement into the foundation of a more efficient, accessible digital future.
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