That's about what I wanted to say in this topic a few days ago Can you stop calling Bitcoin an investment? (unfortunately, I didn't get a decent discussion in.) and in addition Up to Two-Thirds of Bitcoin Transactions Have No Economic Value. The percentage of Bitcoin transactions for illegal activities is negligible (well I exaggerate a little, just minimal) Nowadays people prefer to use other privacy-centric coins. Five years ago the analysis of blockchain data was saying up to 90% of transactions are related to illegal activities, nowadays the percentage is only 10%. (1)

Crypto speculators now are the majority responsible for the Bitcoin transactions (1) and so making it an asset. It's sad but it's the reality and we have reached the point that it won't be reversible



1. (Bitcoin Speculators, Not Drug Dealers, Dominate Crypto Use Now)