The euphoric sentiment on Twitter suggests that another crypto bull market is upon us. Congrats, anon—you made it. But wait, consider: are we really at the start of the next supercycle, or is it simply that the equities market needed somewhere to accommodate the overflow liquidity? Perhaps narratives—stories we tell ourselves and each other about AI, Storage, Gamefi, Blackrock and Citadel, etc.—are all second-order effects of price (or, at least, they are intertwined reflexively). Stepping back, I believe little has changed since FTX blew up last November, at least from the tech and innovation side. Thus, now seems like a good time to reflect on what crypto means for me, someone who has been in the space full-time since early 2020, and why I’m bullish on crypto for the wrong reasons.