🌲 Investment Canopy Fragment No.011 Today I had a hypothesis: what if, in the future, there were no bull market— or more precisely, if there wasn’t that kind of super cycle where all assets rise together— what would the crypto industry look like? Many people’s first reaction might be pessimistic. But I actually think that, at that time, the truly valuable things would gradually emerge. In the past few years, price increases have masked many problems. Products weren’t used;