If the regulatory threat to the industry does recede, it seems likely that the institutional adoption of crypto will accelerate, especially when it comes to bitcoin—tying the market closer still to more traditional ones. Crypto’s true believers will find themselves in an awkward position. Bitcoin and its ilk might be rallying but the surge is being driven by the increased institutionalisation of the asset class. That will make it more ordinary, and more linked to the ups and downs of the regular financial world, which advocates had hoped to replace. At least they can comfort themselves with simply enormous profits.