In a report on January 7, Multicoin Capital said it expects 2025 to be a "pivotal year" for Web3 as artificial intelligence booms and tokenization sparks an "institutionalization frenzy". The report predicts that as security tokens finally "take off in a meaningful way," artificial intelligence-run "zero-employee companies" will emerge, and the speed of institutional adoption will be astounding. Analysts expect 2025 to be one of the best years in the history of cryptocurrencies, thanks to President-elect Trump's victory in the US election in November and the massive influx of institutional money into Bitcoin and Ethereum ETFs. "With the crypto-backed government in the US and the record success of BTC ETFs, we will see five years of institutional interest struggling to catch up and find ways to support cryptocurrencies as quickly as possible," Multicoin said. Multicoin expects tokenised private credit and start-up equity to flourish early, while public equity tokens will take off later, while virtually every existing Financial Institution Group will be "competing to offer basic financial products around cryptocurrencies".