Market | March 23, 2026

Crypto's Believers Move Closer To Power

Vanity Fair found that many of crypto's old faithful are still buying through the downturn, even as the movement they built looks less like a revolt against finance and more like a new wing of it.

Vanity Fair's new feature on crypto's "true believers" lands in the middle of a sharp drawdown, but its real subject is not the price chart. Julia Black reports that while the market shed hundreds of billions of dollars in days and roughly $2 trillion over several months, a familiar class of insiders kept talking less about surrender than about what to buy next.

The cast is a map of crypto's long arc from fringe conviction to elite influence. Michael Novogratz, Cathie Wood, Meltem Demirors, Olaf Carlson-Wee, Devin Finzer, Yu-Chi Lyra Kuo, Arthur Hayes, Erik Voorhees, and Ethereum's Danny Ryan all appear as versions of the same story. Early ideological energy hardened into capital, status, and institutional access.