Got some pushback here, but I think it misses the point.
This isn’t a claim about what should drive value. It’s an observation about what does drive price, especially early.
Saying markets trade on narratives isn’t the same as saying fundamentals (tech) don’t matter. It’s a statement about timing, not truth.
In the short to medium term, markets often move as capital reallocates before outcomes are visible. Narratives are simply the coordination layer for that reallocation. Over time reality asserts itself: bad stories fade, good ones compound.
Even in traditional markets this is largely the regime we’re in today.
We’ve seen it in robotics and space-related equities: prices moved not because revenues suddenly inflected or the technology was fully understood but because capital decided that’s where exposure was needed.
Crypto just compresses this dynamic with faster positioning, more reflexivity, greater reliance on distribution.
On long horizons, fundamentals dominate.
On shorter ones: who owns, who talks, and who can buy dominate.
Both can be true at the same time.
