for a sense of scale of just how bubbly things can get: Bitcoin has a market cap of ~1T, and the entirety of crypto ~2T. Crypto does produce some amount of real value, but probably on the order of magnitude of 1% that market cap. So it’s not at all unheard of for speculation to account for literally trillions of dollars of map (or ~tens of billions of earnings per year, at a reasonable P/E ratio)
I will say that crypto is a pretty pathological case where virtually all the benefit is speculation, because in order to deliver on anything real, they’d have to get rid of the money element in it, it’s thankfully pretty rare for entire industries to be outright scams/speculation opportunities.
for a sense of scale of just how bubbly things can get: Bitcoin has a market cap of ~1T, and the entirety of crypto ~2T. Crypto does produce some amount of real value, but probably on the order of magnitude of 1% that market cap. So it’s not at all unheard of for speculation to account for literally trillions of dollars of map (or ~tens of billions of earnings per year, at a reasonable P/E ratio)
I will say that crypto is a pretty pathological case where virtually all the benefit is speculation, because in order to deliver on anything real, they’d have to get rid of the money element in it, it’s thankfully pretty rare for entire industries to be outright scams/speculation opportunities.