I don't think 'believe' matters here. You can trust the technology and the process and support the goals and targets of this innovation.
You have to make your analysis in the foundamentals and the price history, always base in facts and figures.
Let the price fall, and fall it will, until people have given up. Then, the price can start 5 wave moves up again. This is how it always plays out.
As opposed to this, the price rises when there is hype and lots of FOMO. Investments fuel growth.
According to some technical analysis that I've got into, it shows that the market will continue to fall down to the lowest bottom before it recovers again and this kind of pattern already happened in the past and there is a chance that it might happen again this time according to those people who are good in TA. Looks like this kind of history paradigm happens and happen over and over again even in other kinds of trades not involve with Crypto Currencies.
I agreed that hype and FOMO are among the factors that make Bitcoin's price soar and it is proven way back in the year 2017 when this kind of activities are extremely done and a lot of people are getting curious about Bitcoin at that time.
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eliminating middlemen will result in much bigger profits but we also can't deny that the efficiency of the blockchain technology is far greater than anything and it is really useful to make things faster and accurately such as transactions. 
I think those people are not fools and they are using their own hard earned money and not yours by the way. Everyone has started with zero understanding and no one is born with 100% understanding in any kinds of knowledge and wisdom, some people will learn from mistakes that they made and will not and continue the mistakes they made as long that they feel the adrenaline rush in it. It does not matter if there are too many people that have too few knowledge on this industry because they will soon learn a lot as time passes. 
