The latter. The brightest or weirdest people got in early. The richest get in after them and buy from them. The donkeys will be last and the richest will feed it back to them in a way that makes them even richer.
That´s an interesting view. So the rich were too busy to go into it early so the visionaries and early adopters would get rich. However, how many people of those were already wealthy and had time and money to invest?