Balaji Srinivasan: Why He’s Never Been More Bullish on Crypto

Balaji Srinivasan says he has “never been more bullish on crypto”, and his reasoning goes far beyond short-term price movements or market cycles.

Balaji S. Srinivasan, known as @balajis on X, is an American entrepreneur, investor, and influential thinker in technology and cryptocurrency. He has long explored how decentralised systems could reshape global institutions, governance, and economic networks.

For Balaji, the relevance of cryptocurrency is increasing because the global rules-based order is showing clear signs of strain. As international law becomes harder to enforce and geopolitical stability falters, he argues that a transition is underway—from systems based on political agreements to systems built on code.

“The rules-based order is collapsing and the code-based order is rising,” he wrote, suggesting that the long-term potential of crypto lies in structural transformation rather than speculative momentum. Short-term prices, he says, are secondary to the broader trajectory of how societies organise trust, trade, and governance.

He views crypto as more than digital currency. The next phase, he argues, will require onchain companies and decentralised organisations that can operate across borders. “As international law breaks down, we will need not just onchain currencies, but onchain companies,” he said, framing crypto as essential infrastructure for a world where traditional enforcement mechanisms may no longer hold.

Civil liberties are also central to his perspective. Crypto protocols, Balaji explains, could provide transnational protections for freedoms such as speech and privacy, offering tools that function independently of local governments or institutions. In a 2021 essay he referenced again, he suggested decentralised smart contracts could one day serve as enforceable mechanisms in international trade, while crypto networks could guarantee access to free markets and communication for anyone with an internet connection.

Balaji’s broader vision includes what he calls internet capitalism, internet democracy, and internet privacy. He believes these systems can maintain freedom, fairness, and innovation in a world where states and traditional institutions may struggle.

For him, cryptocurrency is not a passing trend or speculative tool. It represents the emergence of a code-based order capable of sustaining commerce, rights, and connectivity in a rapidly changing global landscape. In his eyes, crypto is infrastructure for the next era.