When the stockmarket is high, it's actually bad. It's more expensive to buy stocks and the odds that it will keep going up indefinitely is lower with every new high. Even if you're rich, it's a bad investing environment. Meme stocks are bad for investors too because the fundamentals are wonky and volatility caused by retail traders can be fickle. Crypto is too volatile for any long term store or value or gain. There's no good investments outside of real estate and that's being quickly swallowed up to the point where it's prohibitively expensive too.

Massive sell-offs will drop prices while buyers will push it up again. Sellers won't sell as long as they think they can afford to hold and sell for a higher price in the future. Buyers will buy because as long as they think they can afford to buy on margin and sell it later for a higher price. All this requires a belief that prices will go up but also that someone out there is giving away the loans to support this shit. That's where QE and the Fed comes in. As long as they keep propping up investment, the cycle continues and investors scramble to find value in anything.

We're going to see more absurd speculative instruments in the coming years. They're already doing Enron for water and something to do with ETFs whose value is based on not-fracking and shit. Crypto and NFTs are just the start.