TechFlow, Oct. 19 — According to Coindesk, Alex Thorn, Head of Research at Galaxy Digital, believes the current structural bull market remains intact, whether in cryptocurrency or equities. He identified three key drivers for the next phase of growth: AI capital expenditure, stablecoins, and tokenization.
First is AI capital expenditure. Thorn characterizes the current wave as a real-economy capex cycle led by well-funded incumbents—hyperscalers, chipmakers, and data center operators—and reinforced by strong U.S. policy support, rather than a repeat of purely speculative internet bubbles. Corporate budgets and government stances indicate, according to Thorn, that this trend still has significant runway ahead.
Second is stablecoins. As payment channels improve, participation increases, liquidity strengthens, and more activity becomes anchored on public blockchains, dollar-pegged tokens will continue gaining traction. Even amid price volatility, these can support the ecosystem.
Third is tokenization. Thorn notes that moving real-world assets and parts of traditional market infrastructure on-chain is transitioning from pilot stages to actual implementation, creating new demand for block space and for core assets used to secure, route, and settle these activities. This shift, he says, benefits platforms tied to such liquidity.
In this context, despite ongoing skepticism regarding fiscal and monetary policy prudence, Thorn remains bullish on Bitcoin’s status as “digital gold.” He also believes major cryptocurrencies like ETH and SOL—closely linked to stablecoin usage and tokenization—will face favorable conditions, even if short-term rallies fail to surpass previous highs.
