not just newbies but some knowledgeable people with great careers in real life thought Bitcoin and cryptocurrencies are hedges to inflation and the collapse of fiat. they must have heard of some influencers on youtube who made them decide to invest. they see Bitcoin to be the savior because, since the start of 2021, it's rising.
Most of those in the country, who lost money in the crypto crash of 2021 are small-time crypto traders who find it easy to access trading apps on their mobile phones, but do not have access to the knowledge necessary to crypto trade.
its when they thought that's just how easy to trade. well now they must have realized it's not. using the phone is easy but analyzing markets take a lot of experience.