> Just because more people want to explore this brave new world doesn’t mean it’s a bubble.
I agree with you that there is legitimate innovation happening. I enjoy reading a lot of blockchain research and the cryptographic advancements that go towards improving consensus algorithms.
With that said, I really do not believe most people buying cryptocurrencies want to explore a “brave new world”. I doubt most people buying cryptocurrencies could explain to you 1) what the word “trustless” means, 2) what their investment thesis is, 3) why they’re buying one cryptocurrency over another.
They want to sell to a greater fool. Just as real estate was a legitimate investment vehicle during the 2007 bubble, cryptocurrencies (and bitcoin in particular) can simultaneously enjoy legitimate utility and extreme irrational exuberance.