The Wolf Of All Streets The REAL Reason Banks Are Secretly Terrified Of Bitcoin & Crypto | Alex Thorn
Mar 29, 2026
Alex Thorn, head of firm-wide research at Galaxy and crypto commentator. He unpacks how banks quietly build on crypto rails while lobbying to slow progress. He contrasts retail disillusionment with institutional adoption. He explains why crypto feels "boring" and how AI, autonomous agents, and digital scarcity could become the next big catalysts for Bitcoin.
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Banks Build While Lobbying To Delay Disruption
- Big banks are simultaneously building crypto infrastructure while their lobbyists obstruct policy to delay competition.
- Alex Thorn argues this could be a coherent strategy: slow public adoption to buy time to integrate blockchain into incumbent systems.
Innovators Dilemma Explains Bank Behavior
- The banks face an innovators dilemma: they must innovate faster than disruptors or risk being displaced.
- Thorn says a smart incumbent strategy is to incorporate products while slowing regulation so they can catch up.
Both Sides Want Clarity For Different Reasons
- Both crypto firms and banks want federal clarity, but for different reasons.
- Crypto seeks permanence; banks need legal clarity to run custody and tokenization inside existing regulated frameworks.