I agree with neither of them you mention as a reason. People don't invest in crypto because they are either too irrelevant of crypto, not able to understand it, or can't do that. If they would be aware of these reason you mention, it does not matter they invest in crypto or not because they are fully aware of this market, tech at least.
You have mentioned all the main reason for why people are not investing or do not invest on crypto. But for these they are becoming loser it is time to gather more knowledge and invest on crypto.