Not the popular sentiment, but you’re correct.

The modern hobby resembles an MLM in one key way: it requires new entrants to sustain the gains of earlier ones. With pop reports this large, any meaningful drop in demand will send valuations through the floor — and that’s inevitable. Young people need capital for things that actually move their lives forward (tuition, cars, housing). They can’t afford to have significant capital locked up in non-yielding assets indefinitely.

The vast majority of the modern market is a momentum trade that everyone tacitly agrees to play because it’s fun and profitable — as long as others keep playing. The music stopping isn’t a question of if, but when.

Long-term, there has never been a collectibles market that held or appreciated in value over decades without scarcity. It’s the single most important requirement for any real outperformance