Gambling / FOMO. The more informed people at least realized they were gambling. The less informed thought they were missing out on a big money-making scheme and that everybody else was getting rich except them.
It is my understanding that’s how all speculation bubbles work. Same thing happened to beanie babies. “People are buying these because they’re going to be worth something someday…somehow; we better buy some too.”
Wasn’t it just money laundering for the most part?
and/or gambling that was shaped in such a way as to be difficult to prosecute.
Gambling / FOMO. The more informed people at least realized they were gambling. The less informed thought they were missing out on a big money-making scheme and that everybody else was getting rich except them.
It is my understanding that’s how all speculation bubbles work. Same thing happened to beanie babies. “People are buying these because they’re going to be worth something someday…somehow; we better buy some too.”