Read the Bitcoin "investors" in this forum and you always see them say the same: "I believe..."
- I believe Bitcoin will go up
- I believe HODL is good
- I believe we will see adoption
- I believe it will go to the moon
and so and...and so on.... and so on
You have no understanding - only belief
Therefore Bitcoin for many people in here is a religion - it is about belief and not about facts and understanding
And religion is an extremely poor investment strategy
You can be right. However, we have to remember that we are talking here of ordinary guys and girls who can even be newbies in investing and they do not rely so much on technicalities but rather what they can be feeling. And indeed, emotions can be the poorest factor when it comes to investment and trading for that matter. People were burned in 2017 all because of blind speculation (the assumption that the price will continue to go up without stopping). This is one area that cryptocurrency is very much known...the whole thing democratize access to investment but at the same time this very thing has become its weakness. Ironic, isn't it?