History repeats itself
Greater fool theory is what Bill Gates described crypto is.
I asked ChatGPT and it describes as:
The greater fool theory is a concept in finance that suggests that it is possible to make money by buying securities, assets, or other investments, not because they are fundamentally valuable, but because you expect to be able to sell them to someone else for a higher price later on. The idea is that even if you think an investment is overvalued, you can still make money as long as you can find a “greater fool” than yourself who is willing to pay an even higher price for it.
The theory is often used to explain speculative bubbles, where prices of assets become inflated beyond their intrinsic value due to demand from investors who are hoping to sell to someone else at an even higher price. Eventually, the bubble bursts when there are no longer enough “greater fools” to keep the price inflated, and the price of the asset falls back down to its intrinsic value or below.
It is important to note that the greater fool theory is not a solid investment strategy, as it relies on the assumption that you will be able to find someone willing to pay a higher price for an asset that you believe is overvalued. In reality, there is no guarantee that this will happen, and relying on the greater fool theory can lead to significant financial losses.
