A crypto executive argues that the term "Web 3.0" undermines the true potential of cryptocurrencies and blockchain technology, which is to overhaul and modernize the entire capitalist system. Mert Mumtaz, CEO of Helius, suggests that crypto is not just a niche internet development, but rather "Capitalism 2.0".

Mumtaz believes that cryptocurrencies and blockchain technology supercharge the essential components for capitalism to function effectively. These components include the free flow of information in a decentralized manner, immutable property rights, incentive alignment, transparency, and frictionless capital flows.

The traditional financial system is often slow-moving and has limited operating hours. However, U.S. regulators are considering the possibility of 24/7 capital markets, which could intertwine the traditional financial system with digital assets by using blockchain technology to tokenize real-world financial assets. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly stated that expanding trading hours could better align U.S. markets with the reality of a global, always-on economy, as certain markets like foreign exchange, gold, and crypto assets already operate continuously.

However, some argue that describing crypto as "Web3" is inaccurate. Critics suggest that Web 3.0 is being built for surveillance capitalism, as it makes tracking everyone and modeling behavior based on transactions easier because all the data is public.

Others point out that many critiques leveled against Web 2.0, such as centralization, data hoarding, corporate monetization, and censorship, are actually critiques of surveillance capitalism, not Web 2.0 itself. They argue that Web 2.0 does not necessarily require surveillance capitalism, which is a layer built on top of web technologies that exploits user patterns and data traffic.

Despite the promise of decentralization and equal say, some argue that the reality of Web3 is not aligned with its ideals. For example, the cost of transactions, such as the high "gas fees" for Ethereum transactions, can be a barrier to entry.

Ultimately, the debate over whether crypto is Web 3.0 or Capitalism 2.0 reflects different perspectives on the potential and implications of cryptocurrencies and blockchain technology. While some see it as a tool for decentralization and empowerment, others view it as a way to modernize and enhance the capitalist system.