On one hand, “crypto” outside of Bitcoin served as a useful testing ground for truly decentralized, censorship resistant dApps and protocols that would eventually be built on top of Bitcoin.

On the other hand, “crypto” set the Bitcoin movement back by distracting the masses, and the investor class, from the signal; while also destroying the credibility of Bitcoin-related terms such as “crypto” “defi” and “web3,” thus muddying the waters of the real defi movement.