Crypto: Revolution or rising bubble

KARACHI:

We have heard this question echo through every major technological shift over the past century — whether it was the rise of the internet, social media, or now, blockchain and crypto currency. The answer, as always, lies somewhere in the grey. But as we watch crypto markets swing wildly once again in 2025, the question feels more relevant — and more urgent — than ever before.

Before diving in, let's acknowledge a simple truth: History doesn't repeat, but it often rhymes—and those who ignore the past often find trapped in it.

We have been here before

In the early 2000s, companies that added ".com" to their names saw their stock prices soar skyrocket overnight. But the dotcom bubble eventually burst, leaving behind bankrupt firms, massive job losses, and a market hangover that lingered for years.

Still, from the ashes rose giants — Google, Amazon, eBay — companies that built real value and changed the way we live.

Today, blockchain and crypto feel eerily familiar. Bitcoin, Ethereum, and a sea of altcoins have become household names. We have witnessed meteoric rises and spectacular crashes. And just like during the dotcom era, the hype attracted opportunists more focused in short-term gains than long-term value. So, does this mean crypto is doomed? Not necessarily.

Crypto is not the problem — we are

At its core, blockchain is not broken. People are. The technology is sound — decentralised, transparent, and secure. But like any powerful tool, its impact depends on how it is used. A knife can slice fruit — or inflict harm. Intent matters more than the instrument.

The recent volatility — whether sparked by regulatory uncertainty, market manipulation, or global economic tensions — does not diminish the fundamental promise of decentralised finance. If anything, it highlights the need for stronger systems, better education, and more ethical leadership in the space.

A glimpse of progress in Pakistan

One of the most encouraging signs comes from right here in Pakistan. Bilal bin Saqib, recently appointed as the Chief Advisor to the Pakistan Crypto Council, is a name to watch. A social entrepreneur and changemaker, Saqib has long advocated for technology that uplifts communities and drives real impact. His appointment signals a much-needed shift towards responsible innovation in Pakistan's digital asset space.

As the Pakistan Crypto Council Advisor Saqib aptly put it in a recent interview with The Express Tribune, "This is a pivotal moment for Pakistan to shape how we approach digital currencies — not just for profit, but for progress." That's the kind of energy in leadership we need — leaders who understand both the promise and the peril.

Building, not betting

This is not the time to place blind bets. It is the time to build with intention Crypto shouldn't just be about memes, coins, or speculative trading. It should be about expanding access to finance, securing identity, powering transparent governance, and creating wealth beyond traditional borders. Countries like Pakistan, where innovation often outpaces infrastructure, have a unique opportunity to leapfrog the old systems and create something truly transformative.

But that will only happen if we focus less on the noise — and more on the signal.

In the end, this is not a binary story. It is not a revolution or a bubble; it is both. Parts of the crypto world will crash and fade — dragged down by greed and hype. And yet, other parts will endure and evolve — driven forward by visionaries, developers, and everyday people who believe that technology can still change the world.

If history is our teacher, our future depends on how we choose to listen.

THE WRITER IS A FREELANCE CONTRIBUTOR