In the 1700s, the new world was the hot new thing leading to the south seas bubble. In the 1850s people bandwagoned rail and steam power, leading to the rail bubble. In the 1920s it was radio technology. In 1970s it was polaroid. In 2000 it was dotcom.

Every bubble busts, but the end result has left us with rail lines, the United States, radio, television, digital cameras, and fiber optic lines.

The overall direction is upwards. EVs will probably be the long term outcome of the last bubble. AI still has a long way to go.

Crypto will probably go the way of the less useful bubbles (beanie babies and tulips)