The white elephant in the Philippine crypto scene are the scores of ordinary people who were into NFTs and Axie Infinity. Just a few months ago, they were selling Axies even on FB marketplace. Many small business owners looking to make a quick buck got into this. Professionals got into this. It was a nationwide phenomenon that quickly soured their taste for anything "crypto". And yes, Bitcoin != Crypto, but that narrative scantily reached the shores of this archipelago...