[levi-turner]

> The massive spike in the value of bitcoin should have set off alarm bells as it was a clear sign of excess money sloshing around in the system chasing returns.

Alternative view as someone who's been following crypto forums over the past few years (and have a _small_ amount of money in various crypto-currencies): The crypto craze during the COVID era has a major undercurrent of pure pessimism / cynicism about the financial prospects for the Millennial+ generations. A very common theme of the interest can be described as effectively a financial YOLO. Many of the posters pretty clearly do not believe that they can prosper in the modern economy if they follow the standard rules. Wages aren't keeping up with inflation of the major assets people require (especially housing, childcare, etc). They see the economy as rigged by the financial elites and crypto as a untapped reserve of economic growth which they can leverage to allow them to have a middle to upper middle class lifestyle they believe that they should have.

For these people, the money they invest in crypto isn't extra money. It's money they _aren't_ investing in savings, in the stock market, etc.