A lot of people in traditional finance, certainly including me, like to make fun of crypto. There is a lot to make fun of. But who is traditional finance to talk? The uncomfortable fact is that the stock market will pay much more for crypto than the crypto market will: Packaging Bitcoin into a stock makes it much more valuable. The crypto enthusiasts on the stock market are more enthusiastic about crypto than the crypto enthusiasts in crypto. It looks a little bit like crypto keeps playing a prank on the stock market, and the stock market keeps falling for it.