Bitcoin investor Anthony Pompliano has declared that most of the cryptocurrency industry is "dead and never coming back." In a video posted on May 6, Pompliano argued that the sector's long tail of unused chains, illiquid tokens, and speculative projects is being cleared out, leaving only parts with real utility to merge into the broader financial system. He described the industry as filled with "ghost chains" and "zombie coins," networks and tokens that remain technically operational but lack meaningful activity or liquidity. Pompliano criticized the shift from ideological conviction to financial opportunism within the industry, noting that "mercenaries" now outnumber "missionaries." He highlighted the convergence of crypto and traditional finance, citing Morgan Stanley's plan to offer Bitcoin trading through E-Trade as a significant development. Despite his criticism, Pompliano sees value in Bitcoin, stablecoins, infrastructure, and tokenization, suggesting these areas will integrate into mainstream finance as the speculative elements fade.