Balaji Srinivasan says crypto upside goes beyond prices

Balaji Srinivasan said he has “never been more bullish on crypto,” arguing that short-term price volatility is masking a much larger structural shift toward decentralised, code-based systems.

“I have never been more bullish on crypto,”

Srinivasan wrote in a post on X on February 5, adding that the collapse of the rules-based global order is accelerating the rise of software-driven coordination.

He said the short-term price of crypto assets is less relevant as international institutions, treaties and legal frameworks struggle to keep pace with global instability.

“Because the rules-based order is collapsing and the code-based order is rising, so the short term price doesn’t matter,”

Srinivasan said.

He argued that as international law weakens, decentralised networks will increasingly be used not only for money but also for companies, governance and coordination.

“As international law breaks down, we will need not just onchain currencies, but onchain companies,”

He wrote, adding that networks could increasingly replace failing state structures.

Srinivasan concluded that cryptocurrency is essential to what he described as “internet capitalism, internet democracy and internet privacy,” framing crypto as foundational infrastructure rather than a speculative asset.