Here we are again at $2,700 and the rumors continue to swell. "$4,000 Ethereum is inevitable!" And the X (formerly Twitter) gurus are currently hollering their glee. They are enervated by graphs plotting exponential growth and analysts calling attention to macro tailwinds. Before you hock the homestead and jump in feet first to ETH, slow down for a minute and consider. French skepticism is exactly what we need right now!

Are Fundamentals Justifying This Rally?

Look, I get it. The narratives are compelling. Ethereum founder and Consensys founder Joseph Lubin has spent time in front of congress selling Ethereum as a global settlement layer processing trillions. Macro tailwinds galore make QCP Capital bullish on crypto – the GENIUS Act, Circle’s IPO buzz, stablecoin clarity. And lastly, staked ETH is at all time highs, locking up supply and making the market more tight by default. These are FACTS, not opinions.

Are these facts sufficient to explain the pace of this entire rally? Are we really seeing a true paradigm shift? Or are we merely lost in the latest cycle of speculative frenzy, driven by social media filter bubbles? Remember 2017? Remember 2021? The crypto graveyard is full of coins that promised the world and came through with… nothing.

It reminds me of the dot-com boom. People were more than willing to invest in one dot com after the other. They accomplished this without regard to real revenue or if the business model was viable. Are we making the same mistake, blinded by the allure of "decentralization" and "Web3" without critically examining the underlying value and long-term viability?

Who Really Benefits From These Surges?

Here's a question that keeps me up at night: who actually benefits from these price surges? Is it the little guy, the one who’s been misled by all you know who’s been misled by all you crypto is the path to financial freedom? Or is it the savvy early adopters, the venture capitalists, and the whales who were rich from the get-go.

That $425 million SPAC merger with SharpLink Gaming (SBET)? It's designed to expose traditional investors to Ethereum's yield opportunities. Notice the wording: "traditional investors." Not your average Joe. This isn’t about empowering the masses, this is about Wall Street figuring out how they can profit off crypto.

It's like the French Revolution, instead of storming the Bastille, we're all buying JPEGs hoping to get rich quick. What history, French history in particular, has taught us deeply is that the stuff of revolutions that we think benefit the people often benefit a new elite. Food for thought!

FOMO: The Most Dangerous Emotion?

Let’s face it, much of the enthusiasm today is driven by FOMO – the fear of missing out. You see ETH climbing, you hear the success stories, and you start to wonder if you're making a mistake by staying on the sidelines.

I understand that feeling. But it’s a dangerous emotion, and it’s exactly what manipulators exploit. But keep in mind, the best market moves aren’t made out of fear.

Consider this: fear and anxiety are the tools used to control populations. Are we all being unconsciously pwned? It sounds a lot like they want us to think that we have to get on board with this “revolution” or be doomed to obsolescence. It's a question worth asking.

In advance of you diving into this, conduct your own due diligence. Don't just listen to the hype. Know the tech, the dangers, and the pitfalls. And above all else, only invest what you can afford to lose.

Because as the French say, "Plus ça change, plus c'est la même chose" – the more things change, the more they stay the same. In the crypto space, that is a particularly costly mistake to make.

Is this time different? Maybe. But maybe not. Avoid the $4,000 illusion Don’t let the $4,000 mirage keep you from noticing the truth.