The Co-Founder of Dogecoin, Billy Markus, said crypto prices are mainly driven by fools selling to even greater fools.
“I agree with the greater fool theory driving most of crypto prices, but I’m honestly wondering what percent you think any crypto is purchased from utility vs greater fool theory From my viewpoint it’s about 99.99% greater fool theory.”
The greater fool theory states you can profit from buying overvalued assets because there will usually be a greater fool willing to pay an even higher price. Under this theory, the cycle continues until there are no greater fools left.
Is Crypto A Fool’s Game?
Markus started the initial discussion by commenting on Bitcoin’s flat weekend performance. This soon spawned several threads, including statements that Bitcoin is dead, a waste of energy, and other such FUD.
But more interestingly, was a comment that crypto markets are inherently worthless and driven by greater fool theory. However, fundamentals will eventually “always win,” even