When we compare it to other financial manias (see graph below), the Bitcoin boom is rather tame, partly because crypto hasn’t really been embraced by big banks, pensions, and hedge funds. Cryptocurrency speculation is mostly a Millennial and Gen X thing. Definitely not for old people who fear new technology and the risk that comes with embracing the unknown. And that’s a good thing because it has kept digital currencies in the margins of the financial system, at least for now. But it’s also wrong to compare the crypto meltdown to the dotcom bust or the housing crash that triggered the 2008 financial. For starters, there was no systemic risk involved. Crypto exchanges and speculators were not bailed out with taxpayer money. Institutional investors were not purposely duped by Wall Street banks. People did lose money, but that’s the nature of speculation. I’m not advocating that crypto is a safe investment because it’s not, but let’s put this in the proper context.