[Editorial] The Collective Illusion of the Cryptocurrency Market: Are We Seeing a Realized Reality?

Bitcoin breaks $100,000. The altcoin market has experienced continuous surges and crashes over the past days. Social media is flooded with slogans like “To the moon!” However, we can’t help but ask: Is the market we see before us truly real?

Repetitive Hype Cycles

Anyone who has followed the cryptocurrency market knows that it operates on a four-year cycle, repeating the same patterns. Bull markets, bear markets, then bull markets again. Each time, people shout “This time is different,” but ultimately, the same patterns keep repeating.

Investors experienced the frenzy of 2017, endured the winter of 2018. Reached new heights in 2021, only to plunge into despair in 2022 due to the LUNA-Terra incident and the FTX collapse. And now, in 2026, we are dreaming the same dreams once more.

Why do we keep making the same mistakes? Perhaps it’s not just simple error, but a collective illusion we create ourselves.

The Demand for Believing in the Invisible

Looking at the modern crypto ecosystem, an interesting phenomenon emerges: we accept countless unverified concepts as a matter of course.

“Layer 2 solves scalability issues.” (Otherwise, Ethereum’s future would be inexplicable.)

“DeFi will replace traditional finance.” (Otherwise, the existence of all these projects would be unjustified.)

“NFTs are the future of digital ownership.” (Otherwise, the valuation of million-dollar JPEGs would be indefensible.)

“Web3 will decentralize the internet.” (Otherwise, why so much capital investment?)

We are asked to ignore the current phenomena—high fees, slow speeds, complex usability, lack of real adoption—and instead believe in an unseen future promise.

The Forgotten Essence

Reread the Bitcoin white paper. Satoshi Nakamoto proposed an “electronic cash system.” A system that enables peer-to-peer transactions without intermediaries. It was a simple and clear vision.

But what are we doing now?

We treat Bitcoin as a speculative asset. Hardly anyone uses it to buy goods. We have created a new narrative: “digital gold.” Why? Because we are unwilling to admit that its original purpose—as a currency—has failed.

Ethereum once aimed to be “the world’s computer.” Now? It mainly serves as a platform for issuing and trading speculative tokens. Yet we call it “financial innovation” and defend it.

The Imposed Optimism

There is a subtle pressure within the crypto community. We must always stay positive, always “be bullish.” Any doubts are dismissed as FUD (fear, uncertainty, doubt).

Asking critical questions? The response is: “You don’t understand.” Inquiring about real use cases? The excuse is: “It’s too early, the technology is still developing.” Pointing out high prices? It’s met with: “Traditional valuation methods don’t apply.”

This collective mindset acts like an invisible force, pushing us in a certain direction. Don’t doubt. Don’t question. Just believe and hold.

It’s Time to Wake Up

Perhaps it’s time to ask ourselves: Is this market we’re participating in a revolution creating the future, or a collective illusion we’ve built?

This isn’t about denying cryptocurrency itself. Blockchain technology is undoubtedly a valuable innovation. But the grand illusion we’ve constructed—faith in endless bull markets, unverified promises, detached valuations—must be reevaluated.

Real innovation happens in reality, not in fantasy. Only when it is practically used, genuinely solves problems, and meaningfully improves people’s lives does it have true significance.

The Moment of Choice

Right now, we face two paths.

One is to continue living in the same illusion. To see the four-year cycle as a “natural market law,” wait for the next bull run, and believe in that unseen future.

The other is to wake up. To acknowledge the collective illusion we’ve created, distinguish genuine value from false promises, and focus on substantive innovation.

The choice is in each person’s hands. But one thing is clear: repeating the same pattern while expecting different results is the very definition of madness.

A new day has arrived. Only by breaking free from past illusions can the true future become possible.