Motivated thinking is a hell of a drug. The folks that thought bitcoin was going to usher in an ideal libertarian age of commerce did not understand the technol

Motivated thinking is a hell of a drug. The folks that thought bitcoin was going to usher in an ideal libertarian age of commerce did not understand the technology but simply wanted to use it as a wedge against the existing "elite" political structure. So they overpromised on crypto's potential and underdelivered. The reality is always more complicated and it turns out people didn't much care about the political aspects and simply wanted to gamble. Turns out that gambling is not enough to sustain the ecosystem and so now it's all crashing down.