I wouldn't really call them cowards. To veterans in the crypto space, a 20% drop in a day is very common. However, people who have experience with the stock market mostly have not experienced such a major dip like that. They'll need time to get used to it.

The reason why most people are afraid of investing in crypto these days is mainly that crypto has a pretty bad name right now. We often see articles in mainstream media talking about how people have lost their entire life savings, how people took out loans to buy Bitcoin and ended up regretting it. With such FUD on crypto, it is no wonder that a lot of mainstream investors and average Joes on the street are actually scared to enter the crypto market.