Galaxy Digital Research Director: The structural bull market remains intact, and there are three major positive factors for the next rally

ChainCatcher news, according to Coindesk, Galaxy Digital's research director Alex Thorn believes that the current structural bull market remains intact for both cryptocurrencies and the stock market. He pointed out three forces driving the next phase of the rise: artificial intelligence capital expenditure, stablecoins, and tokenization.

First is artificial intelligence capital expenditure. Thorn defines the current wave as a cycle of capital expenditure in the real economy led by well-funded existing companies (megacorporations, chip manufacturers, and data center operators), reinforced by strong U.S. policy support, rather than a pure speculative internet bubble replay. He believes that corporate budgets and government positions indicate that there is still a long way to go.

Second is stablecoins. With the improvement of payment channels, increased participation, enhanced liquidity, and more activities anchored on public chains, tokens pegged to the U.S. dollar will continue to gain attention. Even during price fluctuations, these can support the ecosystem.

Third is tokenization. Thorn stated that the transfer of real-world assets and parts of traditional market infrastructure onto the blockchain is shifting from pilot projects to implementation, creating new demand for block space and core assets used to protect, route, and settle these activities. He noted that this shift is beneficial for platforms linked to this liquidity.

In this context, despite ongoing skepticism about the prudence of fiscal and monetary policy, Thorn remains optimistic about Bitcoin's status as "digital gold." He also believes that major currencies like ETH and SOL, related to the use of stablecoins and tokenization, will face favorable conditions, even if short-term rebounds may fall below previous highs.