A certain comment on Hacker News perfectly conveys how I see all financial systems and crypto, and seem so skeptical about the high price of Ethereum.
The US dollar is a medium of exchange, not an asset or an investment. You use dollars to buy things, you don’t own dollars just to own dollars.
Same could be said about cryptocurrency, about sticks and stones and even squirrel pelts (that were used as a currency in ancient times, if my memory serves me).
And this is why I am so annoyed with cryptobros and venture capitalists who dabble in cryptocurrencies — they view what should be a medium of exchange as an investment platform, resulting in the blockchain getting cramped.
I’m so grateful for the FTX crash right now. I hope it would scare capitalist leeches off.