“Pretty soon we’ll all be trillionaires, or whatever.”

Even though the crypto market has calmed down since the FTX fallout, prices have unexpectedly soared, outpacing the S&P 500. This contradiction arises from the crypto industry's ongoing promise of future growth, despite a lack of significant real-world applications. Many people are optimistic about the technology's potential, but the current market is largely fueled by speculation, gambling, and attempts to bypass financial regulations. The rise of stablecoins like Tether, despite facing regulatory challenges, underscores their use for anonymous transactions and involvement in illegal activities. Additionally, the SEC's recent approval of Bitcoin ETFs may seem to legitimize crypto, but it hasn't fundamentally changed the regulatory environment, prompting increased political lobbying and donations from the crypto sector.