I see this as the result of overall inequality. Only the wealthy with nothing better to spend a marginal % of their capital on, the middle class (good income)

I see this as the result of overall inequality. Only the wealthy with nothing better to spend a marginal % of their capital on, the middle class (good income) indebting themselves up the balls, and speculators looking to profit from the prior two categories, are buying these things at these crazy prices. Some poor folk might fall in to the speculator category, but they're taking huge personal risk on what they hope is a ticket to riches. Same goes for Bitcoin imho