I think one mistake the author made is assuming crypto exchanges are not a giant scam rife with wash trading and front-running. Investors will never "figure ou

I think one mistake the author made is assuming crypto exchanges are not a giant scam rife with wash trading and front-running. Investors will never "figure out the value" of crypto as the fraudsters will run through all the trading exchange scams from 100 years ago, and the regulators will (too slowly, of course) fix one scam only to find two more have sprung up in its place. If the crypto exchanges ever become as safe as the equity exchanges are today, the big players responsible for the volatility will move on to the next scheme, and crypto prices will slowly fall as the get-rich-quick crowd follows them, leaving only bag-hodlers.