The problem is: Ask most people today and they’ll tell you Internet stocks were overvalued in 1998. But then you take their IRR since then and you realize you

The problem is: Ask most people today and they’ll tell you Internet stocks were overvalued in 1998. But then you take their IRR since then and you realize you could open a hedge fund and be a billionaire just by buying the ones that were big enough to get time magazine covers, even if you bought at the absolute peak (there are literal billionaires who did basically just this!) So now you have this thing that feels a lot like the internet, especially to lay people, and it’s not totally unreasonable for them to think “this could happen again.” It’s just that crypto is way stupider than the internet and is unlikely to have a similar impact, so they’re probably wrong.