Anthony Pompliano says most of the crypto industry is already dead and that the market has not fully admitted it yet. In a May 6 video posted on X, the Bitcoin investor and commentator argued that the sector’s long tail of unused chains, illiquid tokens and speculative projects is being cleared out as the parts with real utility merge into the broader financial system.

Pompliano said the reaction to his initial post on X was immediate and hostile. He had written that “most of the crypto industry is dead and it’s never coming back,” a message he said followed him through the Consensus conference in Miami.

“I have been called an idiot, I’ve been told I was wrong, and I must have been asked over 50 times about the tweet while I…