I think one thing to think about is that I'm sure someone with integrity is running a crypto exchange and they genuinely are just running a crypto exchange that works. But those guys aren't creating exponential valuations. We can ground this all in real expectations- the CME group is worth 62Bn market cap, Deutche Borse is worth ~30Bn.

Why, why, why would you think that a niche crypto exchange is worth more than the biggest European exchange? We know what the comparables are people!