I explained this in more detail last month on my finance blog, but for the record here:
Bitcoin (BTC) is a pathological cryptocurrency. BTC does not represent the opportunities that are emerging in the decentralized-finance (“DeFi”) paradigm. BTC is one of many evolving cryptocurrencies. As an early mover it attracted speculators who think “crypto” is the future but who don’t have an intelligent way to invest in that future. The speculators drove a bubble in BTC price which then created a mob of “Greater Fools” who heard stories of people making windfall profits in BTC and didn’t want to miss out. This is a classic manic bubble.