Crypto’s age of hype is over, making way for the real infrastructure to be built

Leah Callon-Butler recently wrote that crypto’s rock-and-roll era is over, and she’s mostly right about the arc. But I lived inside the music industry when rock and roll actually died, and there’s more to the story.

I was a product lead at Universal Music during the torrent era. I sat in the rooms where executives decided to sue grandmothers instead of building Spotify. I watched them spend more on lawyers than on artists. And eventually, I got fired for pointing out that we’d already lost.

So when someone uses rock and roll as a metaphor for what’s happening in digital assets, I know what the metaphor actually contains.

Here’s what the rock and roll era ending actually looked like from the inside. The loudest, most exciting part of the culture died while the boring infrastructure underneath it quietly became the thing that mattered. The rock stars disappeared. The streaming executives took over. And the audience grew even as the culture grew less interesting.

Callon-Butler frames this as a kind of mourning. The cypherpunk dream was diluted by ETFs and institutional custody. The laser eyes meme worn by presidents. And yeah, I understand the grief. I felt it watching Universal Music pivot from breaking artists to optimizing playlists.

But here’s where the music industry parallel actually gets useful, and nobody talks about this part.

The labels survived. They wrapped streaming and called it innovation. They went from fighting Napster to owning equity in Spotify. The same executives who wanted to destroy file sharing ended up profiting from the infrastructure file sharing forced into existence. The establishment absorbed the revolution and rebranded it.

That’s what’s happening right now with digital assets. JP Morgan is doing what Universal did with streaming. They’re wrapping the thing they fought and calling it a product. And just like with music, the audience is going to get bigger, the infrastructure is going to get better, and the culture is going to get less interesting. That part Callon-Butler nails.

But the part she misses is what happened next in music. Something the establishment couldn’t absorb.

While Universal was busy becoming a streaming company, ten thousand teenagers with blogs and bedroom studios were building something labels couldn’t wrap. The Swedish death metal kid. The Brazilian baile funk producer. The Detroit techno archaeologist. They didn’t know about each other. They didn’t even know Universal mattered. They just wanted to document what they loved.

And collectively, without any coordination, they created something institutions couldn’t replicate: infinite specificity. Every possible taste has its own ecosystem. Every microgenre has its own distribution channel. The monoculture dissolved into something so granular that no corporate structure could reassemble it.

The rock and roll era is obviously over. The question is what’s being built in the quiet spaces where the institutions aren’t looking.

Stablecoins are moving value across borders for people who’ve never heard of DeFi. Tokenized assets are creating markets in places where traditional finance never bothered to show up. Self-custody tools are getting quietly better while everyone’s distracted by ETF inflows. The boring infrastructure that makes the next wave possible.

I grew up in Argentina. I watched a government freeze bank accounts overnight and tell people their dollars were now worth a third of what they were yesterday. That experience teaches you something about money that stays with you forever. And it teaches you that the people who build the plumbing during the quiet periods are the ones who matter when things get loud again.

Callon-Butler asks whether crypto will stay weird. I’d reframe the question. The music industry stayed weird. It just stopped being weird in the places the executives were watching. The weirdness migrated to the edges, to bedroom producers, niche communities, and distribution channels that didn’t need permission.

Crypto’s rock-and-roll era ending is the most bullish thing that can happen to the industry. It means the adults showed up, and the adults bring capital that doesn’t leave when the vibes change. Crypto needs boring institutional plumbing. And that’s exactly what’s being built right now.

But somewhere out there, some kid in Lagos or Buenos Aires or Beirut is building something on these rails that nobody in a boardroom has imagined yet. They don’t even know the establishment exists. They just need the infrastructure to work.

That’s the beginning of the interesting part.