If a bubble only excites people who are early in their careers, it won’t be able to marshal the institutional and financial resources necessary to reach fruition. If a bubble only grabs the attention of people who are late in their careers, it will end up constrained by existing paradigms. If a bubble excites speculators but not entrepreneurs, it will bid up assets without building anything. If a bubble only convinces founders to act, it will be starved for capital. All of these people need to participate in the bubble at the same time, and FOMO can bring them together.
