Did Magical Thinking Born of Financial Crisis Fuel Rise of Crypto – Was it Actually Realistic Thinking?

cryptonews.com:

Cryptocurrencies are "a manifestation of a magical thinking" born out of a financial crisis, said a finance professor. But there could be something very real behind it. Though not intentionally, the professor may have made a case for the 'financial crisis' being ever-present as cracks in the system persist. 

In his opinion for The New York Times, Mihir A. Desai,  a professor at Harvard Business School and Harvard Law School, writes that,

"All those new investors and crypto owners may nurse a grudge against capitalism, rather than understand the perverse world they were born into."

There were mistakes and mediocrities made during a period of declining and zero-interest rates, and these were obscured or forgiven, said Desai, "while speculative assets with low probabilities of far-off success inflated in value enormously." 

In these situations, there are "hawkers pitching shiny new vehicles," he says, giving stablecoins as examples, as well as new ways of taking companies public without the usual regulatory scrutiny - promising "greater returns while dismissing greater risks, a hallmark of the ignorance of trade-offs in magical thinking." 

Desai is not an old man yelling at kids to get off his damn lawn. He was reportedly born in 1967. Per other sources, he graduated from Brown University with a bachelor's degree in history and economics in 1989, so he's not a member of the baby boomer generation, but of Gen X. His age is only relevant to note that he has seen firsthand the many great and exponential strides of technology during his lifetime so far - not the least of which is the birth of the Internet, as well as countless advances in, for example, payment systems.  

Yet, one can't but feel like there is at least some