What's so striking about all this is the sheer scale. There have been bubbles before, but not trillion dollar ones based on nothing.
It's not just Bitcoin and friends. Rivian, which is just starting out as an electric light truck manufacturer, has a market cap of US$98 billion. First vehicles will ship no sooner than January 2022. This is more market cap than Ford Motor, the #1 seller of light trucks for the last 44 years and with a good electric truck in their lineup.
This can't end well.