Since the election, it’s been Christmas morning for the crypto faithful.

After years of complaining that digital assets have been unfairly constrained by hostile regulators who just don’t get it, the industry now can look forward to an American president openly plugging their products and installing cheerleaders in positions where once there were cops. Mainstream money is flowing in. A US bitcoin reserve is on the table.

There’s almost nothing standing in crypto’s way. Except, perhaps, crypto itself.

“We kind of have a history of shooting ourselves in the foot,” Matthew Homer, a former financial regulator and now general partner of the Department of XYZ, a crypto venture firm, tells me. “I worry that we may go a little too wild, and then things come crashing down again.”

The party has already started.

Bitcoin, an industry bellwether, cruised comfortably past a $100,000 milestone earlier this month, rising some 50% since Election Day alone and more than doubling over the past year. That’s especially wild considering crypto’s brand was firmly in the gutter this time last year, when everyone was still trying to army-crawl out from under the shadow of Sam Bankman-Fried, the former crypto kingpin who was convicted of a multibillion-dollar fraud in November 2023.