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Anecdotal, sure, but the same crowd I know hyping and buying BTC (and other crypto) during the watch bubble (everything bubble) phase were buying meme stocks. GME, AMC, etc. Also the same crowd piling into Tesla at peak and ARKK.
The correlation with watch prices is because both were stoked by speculative fervor.
Cryptocurrency is a sector that relies on a constant news cycle to support the market. Because there is no intrinsic value for majority of pricing. In fact, there is a clear negative in consuming resources. Unlike gold (also a consumer of resources) there is no permanence in terms of extracted value. If mining stops, the whole scheme falls apart rapidly.
It is amusing to see “price targets” for BTC - baseless nonsense. Consider if large segments of the market (incredibly concentrated holdings) converted to transactable “medium of exchange” currency… the price would never hold. Again, lack of intrinsic price support.
I bought in early. Lottery.
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