The whole thing is entirely oversold but I blame that on it being a new asset class to have arisen within the time frame of social media. It's unregulated, so anyone on TikTok can sell whatever they want - and the vast majority of people invest to make money and know very little else about the entire space.
I think I'm a little more bullish on the cryptocurrency thing than you are - and I think the function it provides may become more evident as the West slowly realises the problems they've generated by mass inflation and inventing money. What happened in Argentina back in 2001 was quite interesting and I have absolutely zero doubts Western Governments will raid pension pots as the population demographics reverse. In 1909 when pensions arrived here in the UK, there were 49 workers for every person over 70, now it's closer to 2 to 1. People who want to have their money stored in digital assets will have the power to bury their money in the garden and for it to retain a value around the world. Doesn't mean it isn't volatile now.
Tech is always changing and that's what excites me about cryptocurrencies. I can see the benefits for creatives of having their work digitally locked in NFTs. Let's take the problem of scalping ticket prices... you want to see your favourite singer, but an algorithm gets in there and buys all the tickets. Someone then attempts to charge you 8 x the face value of the ticket. If you can get the tech to showcase the person who bought the ticket is the person in front of you (there has only been ONE transaction) then you can solve the problem. Alternatively you may be able to add a rule that 95% of the value of any ticket is returned to the original creator on the event of a re-sale. Suddenly we have a much fairer system.
I don't mind disagreeing on this one - it could all be pie in the sky and useless, but then the internet was at some stage - and so was social media. I think we're in a period of interesting development - and when people ask me about Crypto, I quite often play them this.
