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Short answer, yes.
Some of you may have felt ironic as I had opined cryptocurrencies (or cryptos for short) to be highly speculative, and yet I had dipped my fingers into it.
So, what gives?
Speculation, for the most part, goes hand in hand with exuberance, which in turn suits one of the most basic human desires: greed. Cryptos, with stories of their meteoric rise, gave the opportunity to have a very quick growth in wealth and capital compared to other traditional asset classes and means of generating income (e.g., the 9-to-5 slog). It is this get-rich-quick outlet that attracted a lot of people and thus piling their monies into it, with some even on leveraged terms. As with most mania in history, however, the good times did not last long as the saying “what goes up must come down”...