How many people here have at least one friend or family member who have recently -- out of the blue -- asked you to tell them again, "Hey what's the deal really with that bitcoin crypto currency stuff you were telling me about last year?"
I had that happen...right around the time of the market top in 2013.
It is a bearish indicator. It means that the wave of FOMO has reached the masses...
Honestly I absolutely agree with you that this will happen... only we're really not there yet, IMHO.
My example of people "finally coming around" is only a couple out of literally DOZENS that I know, who *could* come around and who still have not. NOT by a LONG SHOT have "most people" even considered "coming around" yet... LOL
A couple out of dozens is a
large portion when considering exponential growth of viral ideas. Compare this with 2014 when no one gave a shit about crypto and you would literally have to poll hundreds or thousands of Average Joes (limited to AJs with money) to find someone interested in it much less owning it.
This does not mean there is literally no one left who could buy who hasn't bought yet. Most likely, by the time we realize that has happened it will be too late and the price will already be crashing, unless you are able to call the exact top (unlikely). It means we are getting close. The balance of risks has become more symmetric. The remaining upside is quite comparable to the plausible downside.
Note, I'm talking about short to mid-term upside without some sort of major change to conditions. I'm not talking about some plausible but fairly remote scenario where crypto replaces gold or the dollar as a global reserve currency for example. I'm making a short- to mid-term trading observation based on current market psychology and demographics. If you think that outcome is likely (enough) and are comfortable with large drawdowns while waiting for it then by all means buy/hold/increase your long term holdings.