Crypto's Groundhog Day: Prices Up, Reality Unchanged

When Bitcoin crossed $100,000 in late 2024, the financial world lost its collective mind, again. The price swings, breathless coverage, Reddit threads, and group chats all came roaring back like it never left.

The thing is, crypto didn't really leave; people who stayed in just got quiet for a while. That quiet period is actually the most interesting part of the cycle, as it reveals who truly believes in the technology versus those who were just along for the dopamine hit.

With spot Bitcoin ETFs from institutions like BlackRock and Fidelity now approved in the U.S., crypto has become more structurally legitimate than in 2017. However, this doesn't mean it's stable or risk-free, 'more legitimate' and 'safe' are not the same thing.

The people who won't stop talking about it can be divided into three archetypes: those who held through the crash and now insist on sharing their wisdom; those who sold at a loss and oscillate between regret and skepticism; and those new to crypto but eager to explain blockchain to anyone willing to listen.