Economist and trader Alex Kruger says crypto has largely failed as an asset class despite years of industry growth and blockchain adoption. His remarks come as Bitcoin trades near $67,000, almost 50% below its 2025 peak of $126,000.

Meanwhile, approximately 15% to 25% of Bitcoin investors currently hold their assets at an unrealized loss.

Why Crypto Has Failed as an Asset Class?

In a recent post, Kruger said many crypto assets failed to deliver meaningful value to investors despite years of industry growth.

According to him, a large portion of tokens have little real utility, weak value capture models, or founders who repeatedly sold tokens into the market. He also pointed to the recent memecoin boom, describing it as a cycle that drained…