The problem started long ago mate ever since when the government was unable to find a better solution to inflation and if crypto currency was not financial instrument why does it posed good result despite the damage done by the pandemic
This i really got to answer to protect naive people : All you people out there that think crypto is Baby Jesus ...google keyword:
pump and dumpThe pump and dump also happen on other markets like penny stocks. The fiat currency can even be manipulated, what do you think will happen if China dumps their USD?
I don't think people look at BTC as baby jesus but because we put value to BTC already since the time of pizza then there is a price to it. The price keeps rising as there are demands for we keep playing the casino, there is no mystery to that.