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Just because the current Ethereum value is $1M, doesn't mean people actually spent that much money. They could have a bunch of Ethereum from when it was dirt-cheap.

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They could have cashed that Ethereum out for that amount of money though.

If you have that amount in gold, but you got the gold when it was cheaper, wouldn't you be losing the same amount of money all alone?

It's psychological. Easy to earn, easy to spend.

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