Asheesh Birla has spent 13 years in blockchain. He has watched $XRP go from a niche asset discussed in specialist forums to a live ticker on CNBC. He has seen institutional adoption go from a theoretical future to a present-tense reality. And yet he is sitting in the middle of what he describes, with genuine puzzlement, as one of the strangest markets he has ever seen.
“We’ve been waiting for this moment for so long,” Birla, CEO of Evernorth, told Paul Barron in a recent interview. “Adoption and tokenization are shattering records. You’ve got adoption taking off, doubling in a lot of use cases. But price is sort of lagging behind.”
The gap between fundamental progress and market price is the defining tension of the current cycle, and Birla does not pretend to have a clean explanation for it. Macro conditions, geopolitical uncertainty, and rate environment headwinds are doing work that the underlying adoption story cannot fully overcome. For now.
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