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things conform to law, regardless of the subjects awareness of it, we should strive to learn the laws that govern the universe and leave behind obsolete idealism. Modern science has done a lot uncovering how our brain works and the complex processes behind conciousness, at this point arguing for conciousness as something separate is like arguing that rain is caused by deities.
It really doesn’t matter if it’s cryptocurrency or a tulip, if its an speculative asset that is exactly how the wealth transfer happens.
People dump money into it -> asset price goes up -> Majority holder sells and takes the money -> asset price crashes.
The use-value of the thing doesn’t matter.