According to Miles Deutscher, the 'pick-and-shovels' investment strategy involves focusing on companies that provide supporting tools and services for the cryptocurrency sector, rather than direct investments in cryptocurrencies themselves. This approach could mitigate volatility risks associated with direct crypto trading, as these companies often benefit from the overall growth of the crypto market. Deutscher emphasizes the importance of analyzing infrastructure providers, like exchanges and blockchain technology firms, as they tend to have more stable revenue streams. Source: Miles Deutscher on Twitter.