Basically that. It pretty well explains why there still are idiots believing that Bitcoin can be worthless overnight. It's basically what I constantly see on TV when the mainstream media reports about Bitcoin. They repeat that the Central bank advices people to not buy Bitcoin because people can lose all their money instantly when the price goes down.

Most people just ride the hype and don't even understand what it is they are investing in. I constantly hear people around me say that Bitcoin isn't issued by the government, so it's not legit. In other words, it's a scam according to them. The only difference these people see is that back in the days Bitcoin was $100 and now $15,000. If you explain them what Bitcoin really is, they just rehash their own idiotic logic, which is that it isn't issued by the government, so it has no value like the Euro or the USD have.