The power of narrative over fundamentals

Look at what happened in this cycle: we built an entire ecosystem narrative around crypto and AI—two forces that supposedly would reshape everything. Except when you peel back the layers, the actual innovation wasn't really there. No groundbreaking AI products. No technological breakthroughs that didn't already exist elsewhere.

What did exist? Pure belief. The conviction that something *could* happen. That future potential mattered more than today's reality.

And it worked. We watched valuations climb past $10 billion on nothing but collective imagination and hype. No solid fundamentals underneath. Just the story we told ourselves.

You can criticize the approach all you want—and you wouldn't be wrong. But it's a reminder of how potent narrative can be in markets. Sometimes the future you believe in matters way more than what you can actually point to today.