I read some portions of the PUBLIC OPINION (1921) written by Walter Lippmann. The 266-page book is about politics and public opinions, but it is highly pertinent to almost anything that involves public opinions, including crypto market prices, which are the result of voting of public opinions based on imaginary things, not the reality.
However, there are some differences between the market and politics. Although human behavior and psychology are the same, the market and politics obey different laws. The market is subject to the law of economics, which ultimately requires the actual functionality and utility of the underlying business and technology claiming the same. Politics obeys something else, which may be vaguely called the law of humanity. The former is constrained within cycles of 5 to 20 years, while the latter 75 years-centuries.
At any given moment, it is all a game people playing in their mind. Not the reality.
And remember, price and value are different things. Price is an opinion, while value an economic reality. In the case of crypto, the price is a low-information opinion, or more precisely a negative-information opinion. See more: Price matters.
To quote:
“This, then, will be the clue to our inquiry. We shall assume that what each man does is based not on direct and certain knowledge, but on pictures made by himself or given to him. If his atlas tells him that the world is flat he will not sail near what he believes to be the edge of our planet for fear of falling off. If his maps include a fountain of eternal youth, a Ponce de Leon will go in quest of it. If someone digs up yellow dirt that looks like gold, he will for a time act exactly as if he had found gold. The way in which the world is imagined determines at any particular moment what men will do. It does not determine what they will achieve. It determines their effort, their feelings, their hopes, not their accomplishments and results. The very men who most loudly proclaim their “materialism” and their contempt for “ideologues,” the Marxian communists, place their entire hope on what? On the formation by propaganda of a class-conscious group. But what is propaganda, if not the effort to alter the picture to which men respond, to substitute one social pattern for another? What is class consciousness but a way of realizing the world?”
PUBLIC OPINION (1921) by Walter Lippmann