Perhaps both. Gen Y and Z have decided to adopt and develop crypto to digitize and decentralize the old financial system (DeFi, NFTs) as the fed continues to print more money (as seen from the 2020 $ printing/ stim . checks). This younger generation will not buy the bags of the old financial system (from the stock market to real estate) that are overvalued (Stock market with P/E ratios in the 30s, multimillion $ single-family homes), but rather force the old money to buy their crypto bags in the pursuit of the high ROI against that crypto offers.
As more continues, crypto will get more adoption by traditional VCs, HFs , Central Banks, etc. This adoption will come from the firm’s inability to answer two questions:
1. How will we get millennials and Gen Z to invest their saving with us?
2. How will we be able to keep the promise of paying out pension funds to the Boomer Generation?
Privately, a few leading heads of these institutions (like Michael Saylor, Elon Musk ) have entered the space after the 2017 and the 2020 DeFi Boom, but there are tens of trillion dollars left to enter it from the firms themselves.
Hopefully in this great reset of economics, the young will own everything, and be happy.