Bad Week for Wall Street’s Old Guard as Crypto Burns the Haters

To many on Wall Street, it’s still heresy. An asset born from anti-establishment myth, tainted by fraud and bad actors, not only survives — it thrives. Never mind the endless grift, exchange hacks, and more.

And yet this week, as the Treasury market rebelled against Donald Trump’s “big beautiful bill” — bringing the equity market rebound to a halt — crypto looked like the adult in the room. While stocks, government bonds and corporate credit sold off on fiscal fears, Bitcoin rallied almost 5% amid a market pattern with no real precedent. Another insult to orthodoxy: crypto deepened its institutional street cred as DC policymakers normalized dollar-linked tokens for mainstream use.