The dot-com bubble was also characterized by frantic speculation before a sell-off; now the crypto space is following the same script—only those who survive are the true value.

Wu Shuo learned that Bitwise CEO Hunter Horsley stated that in the 1990s, the internet was still a new thing, and almost every idea seemed feasible, with hundreds of companies valued at $500 million to $1 billion based on potential. By the early 2000s, optimism shattered, and no longer did hundreds of companies receive buy-in; only a few companies that proved their value continued to thrive, and because they were built on verifiable value, they lasted longer and grew larger. Hunter Horsley said this shift is happening in the crypto industry, with fewer winners, but the winners will be built on verifiable value, and their scale and duration will exceed expectations.