Author: Gu Yu, ChainCatcher

Overnight, a group photo of crypto tycoons swept through the X timeline of all cryptocurrency practitioners, accompanied by a wave of ridicule and criticism.

The main characters in the photo include well-known figures in the industry such as ARK Invest CEO Cathie Wood, Polychain founder Olaf Carlson-Wee, and Galaxy Digital founder Michael Novogratz, yet this has not stopped the uproar; it has even intensified.

A closer examination of this group photo reveals that it comes from the prestigious celebrity magazine "Vanity Fair," featured on the cover of its latest issue's report titled "Cryptocurrency's Loyal Followers Demand to Be Taken Seriously."

This article delves into the crypto industry, closely observing the core circles and exploring how, after undergoing multiple rounds of regulatory storms and market crashes, it attempts to redefine the global power landscape in 2026 through substantial political donations and a "savior-like" grand narrative.

Although stories of crypto moguls have appeared in traditional magazines such as "Fortune" and "The New York Times," "Vanity Fair," being a media outlet well-versed in celebrity culture, clearly has a more "insidious" reporting perspective. The article does not overly entangle itself in complex industry trends but devotes significant space to the starkly contrasting private life details of these "power reshapers."

In the author's portrayal, these billionaires are depicted as a group of eccentrics who are both detached from reality and eager to dominate it: on one hand, they discuss the future of human civilization in mansions in Puerto Rico, while on the other, they indulge in the search for extraterrestrial life, practice extreme survivalism, and are often seen barefoot in public places.

Noelle Acheson, a partner at Triple Crown Digital, commented that we can laugh at (and indeed we want to laugh at) this set of photos from "Vanity Fair," mocking the awkward poses and perplexing character portrayals... but the deeper question is: is this how mainstream media views the cryptocurrency industry? If so, we have a lot of work to do.

For most industry insiders, this article not only fails to positively portray cryptocurrency practitioners but rather highlights the stereotypes surrounding the crypto industry.

Dennison Bertram, co-founder of Tally, further exposed that this article is a deliberate mockery of cryptocurrency and its related figures by "Vanity Fair"; the text and photos are filled with profound contempt and ridicule. Before engaging with cryptocurrency, he had been a fashion photographer for over ten years.

He analyzed Cathie Wood's personal close-up recruitment as an example, stating, "Here, Cathie Wood is deliberately shaped to appear petite. The camera is shot from above her, and the composition intentionally diminishes her figure. The messy curtains, crossed legs, and the purposely placed luggage cart all contribute to the ruthlessly crafted image. Is there a more scathing visual effect than this?"

Looking at Michael Novogratz's photo, "his eyes are squinted, and he looks fierce. Why? Because he is wearing glasses. He holds them in his hand, almost out of sight. His face is deliberately cast in shadow, making him appear very menacing. It’s another mess, everything is crooked, nothing is neat and orderly. Can this be considered a positive image? I don't think so at all."

A group of tycoons who have reached the peak through the crypto industry initially sought more recognition and support from the outside world through "Vanity Fair," only to realize that this was a huge "trap," instead appearing in the public eye with clown-like images, which is undoubtedly a painful lesson.

At this point, seeking recognition from mainstream magazines has itself become an object of criticism. Jinelle D'Lima, founder of Nozomi, believes that Satoshi Nakamoto and the cypherpunks never sought validation. "The key is that you do not need their approval: the flow of funds does not, the network does not, the operations do not need it. We did not build this to cater to 'Vanity Fair' or 'Forbes.' We built this to resist everything they represent: gatekeepers, systems, and those who decide what is legal and what is illegal."

“Now we're on the cover. Can it be more ironic? This is not us. We shouldn't be like this.” Jinelle D'Lima said.

The reason "Vanity Fair's" report has become a vortex of controversy is that it reveals an embarrassing predicament for the crypto industry: even though the industry attempts to exchange astronomical political donations and "submission" to the mainstream financial system for serious treatment from the mainstream circles, this group of new aristocrats is still viewed as a subcultural group with cult-like characteristics in the aesthetic and value system of mainstream culture.

This incident may be telling everyone: the true power of the crypto industry has never been in shiny mainstream media reports, but in the code that operates without needing to be "taken seriously."

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