The current situation is quite different. While excessive enthusiasm for new tokens has contributed to unsustainable price increases, the inflated crypto market capitalization has also been fueled by unprecedented fiat monetary expansion as central banks pump trillions of dollars of quantitative easing into the economy. to mitigate the impact of a pandemic fueled global recession. This excess of dollars, euros and yen was invested in risky assets: stocks, commodities, real estate, fine art and, significantly, cryptocurrencies. Now we are all paying the price, as an unavoidable inflation problem leads the US Federal Reserve to withdraw the punch bowl.