“Financial privacy” can be the core theme of the next decade.

Over the past decade or more, the main thread of encryption has been “putting assets on-chain.” But once assets are on-chain, all transaction trails become permanently publicly visible—how much you earned, who you traded with, and when you changed positions—everything is written on the blockchain.

For individuals, it’s a privacy issue; for institutions, it’s a competitive issue:

No fund wants its counterparties to see its positions in real time.

So the real driving force behind the privacy track isn’t a geeky passion—it’s the infrastructure gap that must be addressed when institutional capital enters the market.

That’s also why the more strictly compliance frameworks tighten, the more prominent privacy-related assets become—demand and regulatory intensity are positively correlated.