"Investing in technology does not always mean making money from technology."

This line from a recent conversation with Gonzalo Recarte (Covas) hit different.

He compared the current AI infrastructure buildout to the fiber optic boom decades ago. Everyone invested in the pipes. Almost nobody who built the pipes made money from them. The winners were the companies that used the infrastructure afterward.

He went further: being an early adopter in tech carries real risk. His example was blunt — going into the SpaceX IPO. Having a piece of the future sounds great. At what price is the real question.

This applies directly to crypto. The infrastructure plays — L1s, L2s, picks-and-shovels narratives — often carry the most hype and the most risk. The actual value sometimes accrues somewhere else entirely: the applications, the users, the unexpected beneficiaries nobody was pricing in.

Are you investing in the technology, or in who benefits from it? $BTC $BNB $SPCXB