Despite the recent sharp correction in the crypto market, Alex Thorn, Head of Research at Galaxy Digital, remains structurally bullish. His analysis highlights three fundamental drivers set to propel the next rally: massive investments in AI, the rise of stablecoins, and the acceleration of tokenizing real-world assets. Decode the insights.
The head of research at Galaxy Digital remains confident about the long-term prospects of the crypto market. Alex Thorn defends the thesis of an intact structural bull case, supported by deep macroeconomic and technological trends that transcend recent volatility. This position contrasts with the prevailing bearish sentiment following March turbulence, offering an alternative perspective focused on fundamentals rather than immediate price action.
The three tailwinds identified by Thorn aren’t based on pure speculation but are anchored in concrete economic transformations. Crypto infrastructure now sits at the heart of major technological and financial revolutions that should generate increasing demand for digital assets. This convergence between technological innovation and institutional adoption creates a favorable environment for a new phase of market expansion.
The explosion of investments in artificial intelligence represents the first major catalyst according to the Galaxy Digital analyst. Technology companies are injecting hundreds of billions of dollars into AI infrastructure, creating a growing need for decentralized computing capabilities and cross-border payment solutions.
Crypto protocols specializing in decentralized compute and data storage directly benefit from this trend. Projects that provide distributed computing power to train AI models are seeing their utility climb. This symbiosis between AI and blockchain opens up concrete use cases that go beyond simple token speculation.
The link between AI capex and cryptocurrencies also manifests in the need for micropayments for AI service usage and in the tokenization of computational resources. Stablecoins facilitate instant, low-cost transactions for these new services, creating an ecosystem where crypto and AI fuel each other. This dynamic structures an organic demand flow for certain digital assets.
The second pillar of the bull case rests on the explosive adoption of stablecoins as a means of payment and digital store of value. The total supply of stablecoins now exceeds $200 billion, with daily usage rivaling traditional payment systems.
Stablecoin transaction volumes regularly surpass those of Visa on certain international payment routes. This adoption demonstrates a real demand for faster and less costly financial rails. Companies are extensively using USDT and USDC for cross-border settlements, bypassing the frictions of the traditional banking system.
The regulation of stablecoins in major jurisdictions strengthens their legitimacy and paves the way for increased institutional adoption. Unlike volatile cryptocurrencies, stablecoins offer the necessary stability for everyday commercial use cases. Their continued growth mechanically drives demand for the crypto ecosystem as a whole, particularly for blockchains that host these assets.
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The third driver identified by Alex Thorn concerns the tokenization of real-world assets, a trend rapidly gaining traction among financial institutions. BlackRock, Fidelity and other giants are transforming bonds, stocks, and real estate into blockchain tokens, democratizing access to previously restricted asset classes.
This migration to blockchain offers concrete advantages: property fractionalization, 24/7 liquidity, instant settlement, and drastic reduction in intermediation costs. The tokenization market could represent several trillion dollars by 2030 according to various projections. This structural transformation of global financial infrastructure creates fundamental demand for blockchain protocols capable of supporting these applications.
Smart contracts allow for automation of regulatory compliance and dividend distribution, making tokenized asset management more efficient than legacy systems. This operational efficiency is pushing institutions to accelerate their tokenization projects. Crypto infrastructure is thus becoming an indispensable layer for the finance of tomorrow, well beyond simple price speculation.
Alex Thorn’s vision reminds us that crypto cycles are not limited to short-term price movements. The structural fundamentals are progressively building the foundations for massive adoption that transcends the inherent volatility of this young market. Investors who understand these dynamics can better navigate temporary corrections while keeping focused on the underlying trends.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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