PANews, June 22 – Bitwise CEO Hunter Horsley posted on X that when the internet emerged in the 1990s, hundreds of companies were valued at $500 million to $1 billion based on potential; after the bubble burst in the early 2000s, only companies that proved their value could thrive, running longer and growing larger because they were built on demonstrable advantages. He believes the crypto space is undergoing the same transformation — there will be fewer winners, but those winners will be built on provable advantages, and their scale and durability will exceed expectations.