Because we currently live in a world with:
1. A high-liquidity environment for VC firms
2. A high-liquidity environment for retail investors
3. Unprecedentedly easy, fun and addictive speculation tools
Once the crypto bubble took off thanks to this unprecedented bull market, it also attracts many smart engineers, businesspeople and entrepreneurs who jump into the gold rush hoping to sell picks & shovels.
There's one more aspect here. I've coined the term "Bloated MVP" [1] from years of watching startups that lack a coherent value prop, and don't know who their first user will be, and never get any traction whatsoever, but nevertheless manage to raise $millions and suck up smart people's time and energy. I've also spent years founding such companies myself. The reason people work on bloated MVPs is because they don't realize that an idealized abstract vision is very different from a value prop.
So to summarize: The crypto space is a massive ecosystem-level bloated MVP, intermingled with the biggest liquidity bubble of all time, and unprecedented speculation opportunities
Once the crypto bubble took off thanks to this unprecedented bull market, it also attracts many smart engineers, businesspeople and entrepreneurs who jump into the gold rush hoping to sell picks & shovels.
There's one more aspect here. I've coined the term "Bloated MVP" [1] from years of watching startups that lack a coherent value prop, and don't know who their first user will be, and never get any traction whatsoever, but nevertheless manage to raise $millions and suck up smart people's time and energy. I've also spent years founding such companies myself. The reason people work on bloated MVPs is because they don't realize that an idealized abstract vision is very different from a value prop.
So to summarize: The crypto space is a massive ecosystem-level bloated MVP, intermingled with the biggest liquidity bubble of all time, and unprecedented speculation opportunities
[1] https://bloatedmvp.com