Turns out the whole dealership, or at least most of the employees, traded crypto as a hobby. I asked a few questions, mainly about Proof of Work, and the salesman had no idea what that was. He was completely ignorant of how crypto worked.
The most common feature of assets bubbles is that they draw in people who would normally never engage in risky financial speculation. People early to the party get rich and that draws in everyone else. Its hard to stay out of the market when your neighbor has short-term gains larger than your salary.
In the tulip bubble, everyone was a botanist. In the tech bubble, everyone was an equity trader. In the housing bubble, everyone was flipping houses or getting their real estate license. Now everyone is a crypto trader. Regardless of how useful crypto will be in the future, there is only one way this party ends. Pumping trillions of dollars into the economy can delay the pain, but the pain seems inevitable at this point.
The casual throw away statement about business made during transit from a passenger might be important info.
This story is just elitism, and exactly the argument Wall Street used against RH. "unsophisticated traders". Sorry Mr Banker, the market is made up of people. Claiming unsophistication is a projection of their own insecurities.
Seems like I'm getting a lot of advice about the market from people with less knowledge about the market than shoe shine boys. My mom and my sister are invested in Dogecoin and neither can explain what a cryptocurrency is or even what the doge meme was to begin with. Seems like the next prolonged downturn is right around the corner.