Author: Gu Yu, ChainCatcher
Overnight, a group photo of crypto moguls flooded the X timelines of all crypto practitioners, accompanied by overwhelming ridicule and criticism.
The protagonists in the picture include industry heavyweights such as ARK Invest CEO Cathie Wood, Polychain founder Olaf Carlson-Wee, and Galaxy Digital founder Michael Novogratz, but this still couldn't stop the storm, which even intensified.
Upon closer examination of this group photo, it can be identified as a work from the venerable celebrity magazine 'Vanity Fair,' published in the latest issue's cover story 'Cryptocurrency's True Believers Demand to Be Taken Seriously.'
Through close observation of the industry's core circle, this article delves into how, after enduring multiple rounds of regulatory storms and market crashes, the crypto industry is attempting to redefine the global power landscape in 2026 through massive political donations and a 'messianic' grand narrative.
Although the stories of crypto industry moguls have already appeared in a series of traditional magazines like 'Fortune' and 'The New York Times,' 'Vanity Fair,' as a media outlet deeply versed in celebrity culture, clearly has a more 'sinister' reporting perspective. The article doesn't dwell much on complex industry trends but instead spends considerable ink on the starkly contrasting private life details of these 'power restructurers.'
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; on the other hand, they are obsessed with searching for extraterrestrial life, practicing extreme survivalism, and even often going barefoot in public.
Triple Crown Digital partner Noelle Acheson commented on this, saying, 'We can laugh (and indeed we want to laugh) at 'Vanity Fair's' photos, at the awkward poses and perplexing character portrayals... but the deeper question is: Is this how the mainstream media views the cryptocurrency industry? If so, we have a lot of work to do.'
In the view of most industry insiders, this article not only fails to positively portray cryptocurrency practitioners but also highlights stereotypes about the crypto industry.
Tally co-founder Dennison Bertram further revealed that this article is 'Vanity Fair' magazine deliberately mocking cryptocurrency and its related figures, with both text and photos filled with deep disdain and sarcasm. Before getting involved in cryptocurrency, he had worked as a fashion photographer for over a decade.
He analyzed Cathie Wood's individual portrait as an example: 'Here, Cathie Wood is deliberately made to appear small. The camera looks down on her, and the composition deliberately downplays her stature. The messy curtains, her crossed ankles, and the intentionally placed luggage cart all contribute to the deliberately created冷酷无情 (cold and ruthless) effect in the frame. Could there be a more mean-spirited visual effect than this?'
Looking at Michael Novogratz's photo: 'His eyes are squinted, looking fierce. Why? Because he's wearing glasses. He's holding them, almost invisible. His face is deliberately cast in shadow, appearing very menacing. Again, it's a mess, everything is crooked, nothing is整齐划一 (neat and uniform). Is this a positive image? I don't think so at all.'
A group of moguls who rose to the top through the crypto industry, originally attempting to seek more recognition and support from the outside world through 'Vanity Fair' magazine, unexpectedly fell into a huge 'trap' and ended up appearing as clown-like figures in the public eye. This is undoubtedly a painful lesson.
At this point, the very act of seeking validation in mainstream magazines has itself become an object of criticism. Nozomi founder Jinelle D'Lima believes that Satoshi Nakamoto and the cypherpunks never sought approval. 'The key point is, you don't need their approval: capital flows don't need it, the network runs without it, everything operates without it. We weren't built to cater to 'Vanity Fair' or 'Forbes.' We were built to resist everything they represent: gatekeepers, the establishment, and those who decide what is legitimate and what is illegal.'
'Now we're on the cover. Could it be any more ironic? This isn't like us. We were never supposed to be these people.' Jinelle D'Lima said.
The reason 'Vanity Fair's' report has become a vortex of controversy is that it reveals an awkward predicament for the crypto industry: Even though the industry attempts to exchange astronomical political donations and 'capitulation' to the mainstream financial system for 'serious treatment' from mainstream circles, within the aesthetic and value systems of mainstream culture, these new elites are still viewed as a subcultural group with cult-like overtones.
This PR disaster might be telling everyone: the true power of the crypto industry has never been in the mainstream media coverage, but in the code that can run just fine without needing to be 'taken seriously'.
