I'd say if $AAPL were down 98% from ATH then investors probably shouldn't be running out to buy the next $AAPL. Who's running out to buy the next GameStop? In fact GameStop is only down 90% from ATH so you'd have made out 5X better on a $GME investment at peak than you would have buying $ZEC.

It's like a16z launching a fund to invest in retail video game sales (due to the overwhelming success of $GME) in shopping malls but also run by criminals and utilizing more power than your average country. It's stupid technology.

And for the record, I've no axe to grind, I made a bunch of money in the run-up, and sold all my crypto at BTC$17000. That doesn't mean I think it's at all valuable, or would recommend literally anyone buy any, ever.

Maybe you weren't around for this: https://en.wikipedia.org/wiki/Dot-com_bubble

By the end of the stock market downturn of 2002, stocks had lost $5 trillion in market capitalization since the peak.[39] At its trough on October 9, 2002, the NASDAQ-100 had dropped to 1,114, down 78% from its peak.[40][41] Many online shopping companies, such as Pets.com, Webvan, and Boo.com, as well as communication companies, such as Worldcom, NorthPoint Communications and Global Crossing, failed and shut down.[42][43] Others, such as Cisco, whose stock declined by 86%,[43] and Qualcomm, lost a large portion of their market capitalization but survived, and some companies, such as eBay and Amazon.com, lost value but recovered quickly.

Mmm indeed but those companies did things that weren't just heating the planet to solve math problems.