Miko Matsumura, managing partner at Gumi Cryptos Capital, has declared that the crypto industry’s frontier phase is effectively over. Speaking at the NBX Warsaw conference in an interview with BeInCrypto, Matsumura outlined why the current crypto bear market strategy must look nothing like the playbooks of previous cycles.
Figure 1: Miko Matsumura speaking on crypto market evolution and strategy [Courtesy: BeInCrypto]
The Miko Matsumura crypto outlook is one of structural confidence paired with tactical caution. He argued that the industry has already secured its most important institutional and regulatory victories, and that the next chapter is about scaling, not redefining.
Crypto Has Won Its Core Structural Battles
Matsumura was direct in his assessment of where the industry stands. “I think we have basically won. We have basically gotten everything that we wanted,” he said.
He mapped the crypto ecosystem onto traditional finance structures to illustrate his point. “I think the reserve bank is solved, which is Bitcoin. I think the investment bank is solved which is Ethereum. I think the retail bank is solved.” He added that multiple chains, including Base and Solana, will likely share retail banking responsibilities going forward.
Regulation as Confirmation, Not Threat
For Matsumura, the arrival of tighter regulation is not a headwind. It is evident that Bitcoin Ethereum institutional adoption has crossed a threshold that cannot be reversed.
Figure 2: Bitcoin and Ethereum visual representation highlighting institutional adoption trends [Courtesy: Magnific]
Regulation arriving, in his view, confirms that the industry has crossed the finish line. The task ahead is scaling crypto a thousand times larger, not relitigating its right to exist.
This Bear Market Will Reward a Different Kind of Builder
Matsumura described himself as a net accumulator at current prices, welcoming the bear market as an opportunity. However, his crypto bear market strategy is built on a clear break from past cycles.
“I do not think this is like any other previous bear market because of the change of the phase from the frontier phase into the traditional phase. People will not be rewarded for doing exactly the same thing they did last time,” he said.
Meme Coins Are Not the Path Forward
He was equally blunt about where he sees the opportunity not going. “I do not think it is going to be like, oh, just go and build another meme coin and then you will be rich. It is not going to be like that,” Matsumura said.
His Miko Matsumura crypto outlook is clear: builders who repeat the speculative tactics of the last bull cycle will be left behind as fresh institutional capital and tighter rules reshape what counts as a winning strategy. The deepest stretches of a bear market, he argued, tend to reward the highest-conviction builders, not the fastest traders.
Where Matsumura Sees the Next Frontier
The Miko Matsumura crypto outlook points to high-growth economies as the next major opportunity. He highlighted Latin America and Nigeria as regions where crypto’s practical utility is most needed and where adoption momentum is strongest.
Solo founders using artificial intelligence tools to keep burn rates low also stood out in his assessment as a structural advantage unique to this cycle. His crypto bear market strategy for founders rests on three traits he wants to see: courage, curiosity, and conviction.
Build at the Application Layer, Not the Foundation
Matsumura was specific about where builders should be directing their energy. “You need to continue building in the bear market, but you really need to change things up. Build different things and build real, practical solutions that solve problems,” he said.
He added that building at the application layer should outweigh efforts to rebuild foundations. Bitcoin Ethereum institutional adoption has already settled the base layer debate. The value creation opportunity now sits in what is built on top.
Industry Outlook
The global crypto sector is navigating a period of significant transition, moving from speculative frontier markets toward regulated, institutionally accessible infrastructure.
Figure 3: Global cryptocurrency adoption concept with Bitcoin overlay on world map [Courtesy: Magnific]
Bitcoin Ethereum institutional adoption continues to deepen through spot ETF inflows, custody solutions, and integration with traditional financial rails.
Builders and investors who understand this structural shift are increasingly focused on application-layer solutions, real-world utility, and emerging market adoption as the next sources of durable growth.
Future Direction and Impact on Crypto Investors
For investors and builders tracking the Miko Matsumura crypto outlook, the message is consistent: the rules of the game have changed.
A crypto bear market strategy built on meme coins, short-term speculation, or infrastructure rebuilding is unlikely to generate the returns it did in previous cycles.
The opportunity, as Matsumura sees it, belongs to those building practical solutions in high-growth markets, keeping costs lean through AI-assisted operations, and maintaining conviction through the bear.
Bitcoin Ethereum institutional adoption provide the rails. What gets built on those rails will define the next cycle’s winners.
ALSO READ: KyberSwap Hacker Sends 1,000 ETH to Tornado Cash Amid Active DOJ Investigation
Frequently Asked Questions
Q1. What is Miko Matsumura’s view on the current crypto market?
Ans. He believes the industry has won its core structural battles and is now transitioning from a frontier phase to a traditional, regulated phase of growth.
Q2. What is Matsumura’s crypto bear market strategy?
Ans. He recommends building practical, application-layer solutions in high-growth markets rather than repeating speculative tactics from previous cycles.
Q3. Why does Matsumura say meme coins will not work this cycle?
Ans. He argues that new capital inflows and tighter regulation will reward real utility builders, not speculative projects, making the meme coin playbook obsolete.
Q4. Which regions does Matsumura identify as the next crypto frontier?
Ans. He highlighted Latin America and Nigeria as high-growth economies where crypto’s practical utility is most relevant, and adoption potential is strongest.
Q5. How does Matsumura view Bitcoin and Ethereum’s role going forward?
Ans. He sees Bitcoin as the reserve bank equivalent and Ethereum as the investment bank equivalent, with retail banking duties shared across multiple chains.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on reporting published by BeInCrypto on 30 Apr 2026 and statements made by Miko Matsumura at the NBX Warsaw conference. Investing in digital assets involves significant risk. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Crafmin does not hold any position in the assets or organisations mentioned.
Sources
https://www.youtube.com/watch?v=Q4g9Y5a
