A man named Travis Kling, who works with money and helps people make good choices, said something interesting on a website called Twitter. He thinks that many people have lost interest in what makes things valuable or useful. Instead, they want to gamble their money on things that don't exist yet but might become popular or worth a lot later. This is causing the prices of these things to go up even if they are not very good or helpful. Read from source...

1. Kling's "financial nihilism" thesis is not backed by any empirical evidence or logical reasoning. It is a subjective opinion that does not account for the diversity of investors' motivations and preferences. Some investors may still value utility, sustainability, and social impact of crypto projects, while others may prioritize speculation, entertainment, or novelty.
2. Kling's claim that Americans don't trust crypto fundamentally is a sweeping generalization that ignores the fact that many Americans have embraced cryptocurrencies as an alternative to traditional financial systems, especially in light of recent economic and political instability. Additionally, there are numerous initiatives and organizations working on developing crypto infrastructure, regulation, education, and adoption across the nation.
3. Kling's argument that investors are seeking high-risk/reward memecoins and vaporware because they expect prices to rise further is a self-fulfilling prophecy fallacy. It assumes that market behavior is driven solely by price movements, while ignoring the underlying factors, such as innovation, adoption, network effects, security, scalability, etc., that determine the long-term success and value of crypto projects.