Yes, the statements others have made with regards to the government being their customer being an invalidating thing are rather foolish.

I would have no problem with people making risky investments if it was actually their money and they had skin in the game, but most of the capital comes from money management schemes due to the absences of sound money (pensions, university endowments, etc), combined with people who know they can access the money printer against paper markups, thereby taking no real risk.

The misallocation of capital under faux-capitalism is worse than many realize, or are willing to accept. There is easily an order of magnitude more money in markets vs cash than will be present with Bitcoin, so it is extremely noisy. Real investors outbid >10:1.