Murad: Why Do Ordinary People Get Involved in Crypto? On November 20, 2025, former Adaptive Capital co-founder Murad Mahmudov shared in an interview with threadguy that the driving force behind retail investors entering the crypto market isn’t rooted in a deep understanding of technology, but rather the wealth demonstration effect seen in real life. He pointed out that in previous cycles, a limited number of tokens were more likely to achieve market cap leaps driven by concentrated capital, creating widely shared success stories. However, in the current cycle, capital is dispersed across a rapidly growing number of tokens, making it difficult for the market to produce iconic assets with lasting influence. He believes that to attract retail investors back and achieve sustainable returns, the crypto market needs to establish highly concentrated assets at the consensus and sentiment level. Source: threadguy