Can it, though?
I'll be the first to admit that an overvaluation argument is easy to make with crypto. At the same time, all the major ones have an asymptotic cap on circulation so there will be a point where there isn't more of it. You can't even say that about gold and you certainly can't say it about fiat currency. For transactional purposes it's easy to move down a few decimal points to get shit done but if your holdings are up a few decimal points, you win. Current utility of cryptocurrency is a tricky one and if you judge bitcoin by what you can do with it, it's nonsense. But then, if you judge Tesla stock by what you can do with it, it's nonsense, too.
And everyone's all "tulip crisis!" "massive bubble!" but look:
See that ticker across the top? It's got euros, it's got pounds, it's got yen, it's got gold, it's got oil...
...and it's got bitcoin.
I was watching the Steelers game yesterday. I saw four different commercials in which different companies were talking about their "blockchain" technologies - IBM, Cisco, not sure who else.
This boat can crash. It almost certainly will. But I think we're past the point of beanie babydom. We've gone from $200b to $800b market cap.... in 90 days. It's funny how all the prognosticators who use "too big to fail" for every bank failure totally think that the more people who pour money into crypto, the harder it's going to fall.
I think this shit is here to stay, in one form or another.