The 100x obsession: Fundamentals grow in importance as crypto matures

Crypto’s fundamentals have never been stronger, yet degens keep chasing hot new narratives. Behavioral finance may explain why get rich quick stories continue to beat substance.

“Investments change fast; human nature and human aspirations stay constant.”

That’s how Meir Statman, behavioral finance pioneer and professor of finance at Santa Clara University, explains one of investing’s oldest puzzles. And it may be why every crypto cycle so far has been about chasing the next hot narrative rather than fundamentals, whether its DeFi, meme coins or decentralized compute.

In an industry that has spent years maturing into an ecosystem of institutional investors, revenue-generating protocols and real-world use cases, investor attention still gravitates toward the next shiny thing that can offer the promise of outsized returns.

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