His assertion is hasty and demonstrates a lack of knowledge about cryptocurrency trading. Most traders, particularly novices, do not seek guidance before investing in cryptocurrency. Some coins introduced into the cryptocurrency market may become deadcoins, causing investors to lose money. This is always the source of people's anxiety about cryptocurrency. There is always a need for due diligence before investing to reduce risk. Traders should also be prepared to lose money because anything that brings profits can also bring losses.
Reading your submission on the subject matter and comparing it to my personal story when I knew nothing about cryptocurrency, I totally agree with you. Many of these people who lose money in crypto lacks knowledge of how crypto market works but because they've seen or heard about few persons who made staggering profits from crypto in a very short period of time, they decided to follow suit and when things go south, they begin to label crypto as a scam investment platform.
I held similar opinion like that of Seun Kuti after I lost my first money in crypto but instead of holding on to it, I decided to study more about crypto and now that I know better, my initial belief have changed. To invest in crypto when you have little or no knowledge about it is a very big risk that no one should engage in so you don't end up with regrets.