Last week’s Token2049 conference brought together some of the biggest names in crypto, and as the sun set on another busy gathering for the crypto industry in Dubai, we couldn’t help but reflect on some of the weird, wacky, and thought-provoking things we heard along the way.
What can be overheard at a conference reveals the most honest narratives behind crypto. Founders and CEOs outline their vision for the future on panels in front of hundreds of attendees, but the true value is often found in the conversations next to the buffet or while cooling off in front of the air conditioner.
Here are five key phrases that Decrypt caught during our time at the conference, including what they signal for the future of crypto.
“I don’t understand anything”
Entering the crypto space can be confusing with technical jargon, self-referential jokes, and convoluted user experiences, as well as hacks and scams that can quickly undo any potential wins. Despite this, some newbies are still able to “make it.”
A primary school teacher that attended Token2049 claimed to have made it big on meme coins after entering the space just a matter of months ago. This successful escapade into crypto is what led him to fly from Europe to Dubai for the event. But still, he laughed, “I don’t understand anything”—and continued tucking into his free plate of pasta.
Clearly, even those that are doing well in crypto are struggling to get their head around everything. This sentiment was echoed by Eric Trump, the U.S. president’s son and executive VP of The Trump Organization, who said that the user experience of crypto must improve for mass adoption to fully scale.
Trump said it was a roadblock for him entering the space, though given his famous family, he’s surely not chasing middling gains flipping meme coins. (Hopefully.)
“We’re not early anymore”
A catchphrase for the crypto industry was flipped on its head at Token2049. “We’re early” turned into “We’re not early anymore,” as fears peaked that this may be the last chance to ride a bull run before the industry’s wild price swings come to an end.
This growing fear comes due to institutions and governments across the globe investing in Bitcoin and other cryptocurrencies. Spot Bitcoin ETFs were approved in the U.S. early last year with Ethereum ETFs following months later, allowing traditional investors to buy Bitcoin. Then by March 2025, President Trump had signed an executive order to establish a Bitcoin reserve and digital asset stockpile.
Photo: Token2049
To many, this is a sign that it’s not early anymore for Bitcoin, with many pondering what technological revolution will push the industry forward next. On the other hand, major industry players continue to toss out massive price projections even as BTC sits near its all-time high.
“Bitcoin was made by the government”
With governments embracing crypto, it appears that the conspiracy theory that pseudonymous Bitcoin creator Satoshi Nakamoto was actually part of the government is only growing.
One theory is that the National Security Agency created Bitcoin because it released the 1996 paper “How to Make a Mint: The Cryptography of Anonymous Electronic Cash,” which proposed a Bitcoin-esque system. Some believe it was the CIA, because “Nakamoto” and “Satoshi” roughly mean “central” and “intelligent”, respectively. And others think it’s just unrealistic that a random individual could’ve thought up such a system.
Drone show at Token2049 Dubai 2025. Photo: Token2049
“Bitcoin was made by the government,” an unnamed trader at Token2049 told Decrypt. But then they immediately cast doubt on the premise: “It’s either that, or some random degen that we’ll never hear about… I hope we don’t find out.”
“I have insider info”
Meme coins are the ultimate speculative asset and have dominated much of the crypto narrative over the last year. However, the craze cooled in recent months (ahead of this week’s rebound) as it appeared traders had grown tired of the meme coin casino following allegations of insider trading found deep within the industry.
In February, the President of Argentina promoted a token on social media called LIBRA, which quickly crashed 90%. Hayden Davis, CEO of Kelsier Ventures—a company that helped launch the project—casually admitted in an interview with Coffeezilla that he was “sniping” his own token.
This served as the catalyst for a stream of insider trading allegations against influencers and founders alike, ultimately resulting in Meteora co-founder Ben Chow resigning due to his ties to Kelsier Ventures. Still, with calls for the arrest of Davis, that didn’t stop Token2049 attendees from attempting to gain similar advantages. Degens will degen, after all.
“You should buy [redacted meme coin]… yes, I have insider info,” Decrypt overheard one attendee pitching in the blistering heat. The receiver of the information appeared uncomfortable, however, shuffling away from them in the seat.
“I lost $1 million on NFTs”
Most traders have given up on profile picture NFTs. Sat in the Pudgy Penguins section of Token2049, Decrypt overheard someone confessing to losing $1 million on the long-passed trend—a rough day at the office, no doubt.
Even the most successful NFT projects like DeGods, Milady, and Pudgy Penguins have all dipped their toes into the meme coin world, as many at the conference believe the asset class emerged as a more liquid and efficient way to foster a community. Still, not all hope was lost for NFTs as a technology.
Berachain founder Smokey the Bera at Token2049 Dubai 2025. Photo: Token2049
Throughout the event, speakers and attendees suggested that it’s time for NFTs to break free from its branding as a speculative asset, and for it to be used to create real products that foster change.
The hopeful, including the likes of Real Vision CEO Raoul Pal, envisioned a future where NFTs would hold important documents and power decentralized digital identities, as the world looks for a way to battle hyper intelligence AI. To be clear, however, this kind of argument has been echoing around the industry for years now, even when digital pictures of Apes were still worth hundreds of thousands of dollars.
Many of the scars of crypto were on display at Token2049, with deep-rooted trust issues bubbling to the surface—and anxiety that the wild ride will soon be over. But still, some attendees kept their heads high, sharing optimism that the technology will continue to evolve and provide opportunities to investors.
Edited by Andrew Hayward
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