This is a really good point. If I ‘have’ $1bn because I spent $100 on crypto that rose, held it, and then the price just crashed again, nothing has actually bee

This is a really good point. If I ‘have’ $1bn because I spent $100 on crypto that rose, held it, and then the price just crashed again, nothing has actually been lost. But if I sold that crypto at the inflated value, the buyers have lost big time. Unfortunately I suspect much of the real money came from uninformed non-rich people who believed the hype - and not just the ‘massive gainz!’ hype (maybe they even saw that for what it was), but the general excitement in that media over crypto in general.