Ship or Die at Accelerate 2025: Lightning Talk: Kathleen Breitman (Tezos)

Kathleen Breitman, co-founder of Tezos, delivers a thought-provoking analysis of cryptocurrency trends from 2017 to 2025, highlighting the industry's evolution and the promising future of real-world assets on the blockchain.

Summary

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In her lightning talk at Accelerate 2025, Kathleen Breitman, co-founder of Tezos, provides a comprehensive overview of cryptocurrency trends from 2017 to 2025. She reflects on the industry's progress, highlighting how some ideas from 2017 were ahead of their time, while others proved to be misguided.

Breitman emphasizes the shift towards real-world assets as one of the most exciting developments in the cryptocurrency space. She notes that the industry has matured significantly, moving away from overhyped concepts like "blockchain not Bitcoin" and focusing more on practical applications that align with the core promise of cryptocurrencies: lowering the cost of financial transactions in a decentralized manner.

The speaker also addresses the challenges faced by the industry, including the impact of aggressive regulatory actions and the tendency for over-capitalization to lead to undifferentiated competitors and unsustainable subsidies. Despite these obstacles, Breitman remains optimistic about the future of cryptocurrencies, particularly in the realm of tokenized real-world assets.

Key Points:

2017 Trends

Breitman discusses several trends that were prevalent in 2017 but have since faded or evolved. These include the idea that "data is the new oil," which suggested that blockchain technology could somehow monetize personal information on the web. She also mentions the concept of decentralized applications (dApps) as a way to monetize activities that were previously free, and the "blockchain not Bitcoin" narrative that emphasized private blockchains over public ones.

These trends, according to Breitman, were largely misguided or premature. The industry wasn't mature enough to implement these ideas effectively, and many of them have since been abandoned or significantly transformed.

2025 Trends

Fast-forwarding to 2025, Breitman highlights several current trends in the cryptocurrency space. The most promising of these is the rise of real-world assets on the blockchain, which she describes as tokenized and transparent, lower-cost ways to represent financial products. This trend aligns more closely with the fundamental promise of cryptocurrencies to reduce the cost of financial transactions.

Other trends mentioned include the "meme coin hangover," which Breitman attributes partly to aggressive regulatory actions by the Biden administration, and the conflation of blockchain technology with AI applications, which she sees as largely misguided.

Industry Maturation

Breitman observes that the cryptocurrency industry has matured in several ways since 2017. There's a greater focus on practical applications that align with the core promise of cryptocurrencies. She notes that openly nihilistic projects now embrace their nature rather than pretending to offer technical progress, and that public blockchains have won out over private ones.

However, she also points out that the industry still suffers from over-capitalization, leading to problems such as undifferentiated competitors, heavy subsidies for baseline activities, and fleeing investors when subsidies run out. She draws a parallel to the 19th-century railroad boom, where excessive capital didn't necessarily lead to better infrastructure.

Real-World Assets

A significant portion of Breitman's talk focuses on the potential of real-world assets on the blockchain. She notes that Tezos was early to this trend, with about a billion dollars in real estate investments tokenized on the Tezos blockchain in 2019.

The key shift since then has been from a focus on primary issuance to secondary markets. Breitman highlights improved infrastructure and resources for secondary markets, greater regulatory clarity, and increased institutional interest as factors driving this trend. She also mentions that stablecoins and DeFi have made it easier for people to have confidence in these systems.

Facts + Figures

• Tezos was founded in 2017, with its network launching in 2018
• In 2019, about $1 billion in real estate investments were tokenized on the Tezos blockchain
• The focus for real-world assets has shifted from primary issuance in 2019 to secondary markets in 2025
• Public blockchains have won out over private blockchains, contrary to earlier predictions
• The cryptocurrency industry has faced challenges due to aggressive regulatory actions by the Biden administration
• Stablecoins and DeFi have contributed to increased confidence in blockchain systems for real-world assets
• The speaker draws parallels between the current state of the cryptocurrency industry and the 19th-century railroad boom

Top quotes

1. "Cryptocurrency is what's the promise, lowering the ticket prices of financial transactions in a decentralized fashion. That's the punk rock element."

2. "Real-world assets are exciting to me. I think their time has come."

3. "What makes me excited? I gave this talk the seven-year itch, which could look at it falling out of love, but I actually think it's more like checking back in and seeing what still gets you excited."

4. "No one's pretending for a coin is actually a great piece of technical progress. Big change from 2017."

5. "Public blockchains won. And the absence of a hostile US administration means more experimentation, and that's better for everyone."

Questions Answered

What were the main cryptocurrency trends in 2017?

In 2017, several trends dominated the cryptocurrency space. These included the idea that "data is the new oil," suggesting that blockchain could monetize personal web information. There was also a focus on decentralized applications (dApps) as a way to monetize previously free activities. Additionally, the "blockchain not Bitcoin" narrative promoted private blockchains over public ones. Breitman notes that many of these trends were premature or misguided, as the industry wasn't mature enough to implement them effectively.

How have cryptocurrency trends changed by 2025?

By 2025, the focus has shifted significantly. The most promising trend is the rise of real-world assets on the blockchain, which offers tokenized and transparent ways to represent financial products. There's also been a "meme coin hangover" partly due to regulatory actions. Breitman observes that the industry has matured, with a greater focus on practical applications aligning with the core promise of reducing financial transaction costs. Public blockchains have won out over private ones, and there's more regulatory clarity around tokenized assets.

What is the significance of real-world assets in the blockchain space?

Real-world assets represent a significant development in the blockchain space. They offer a way to tokenize and transparently represent financial products on the blockchain, potentially lowering costs and increasing accessibility. Breitman notes that Tezos was early to this trend, with about $1 billion in real estate investments tokenized on their blockchain in 2019. The focus has since shifted from primary issuance to secondary markets, with improved infrastructure and increased institutional interest driving this trend.

How has the cryptocurrency industry matured since 2017?

The cryptocurrency industry has matured in several ways since 2017. There's a greater focus on practical applications that align with the core promise of cryptocurrencies. Openly nihilistic projects now embrace their nature rather than pretending to offer technical progress. Public blockchains have proven more successful than private ones. There's also more regulatory clarity and institutional interest, particularly in real-world assets. However, Breitman notes that the industry still faces challenges related to over-capitalization and regulatory pressures.

What challenges does the cryptocurrency industry face in 2025?

Despite its maturation, the cryptocurrency industry still faces several challenges in 2025. Breitman mentions the "meme coin hangover" partly resulting from aggressive regulatory actions. Over-capitalization remains an issue, leading to problems such as undifferentiated competitors and unsustainable subsidies. There's also a tendency to conflate blockchain technology with AI applications, which Breitman sees as misguided. However, she remains optimistic about the industry's future, particularly in the realm of tokenized real-world assets.