We always think of doing something for long term but we regularly spend a lot of money for short term happiness. I am not saying this for those who have a lot of money, but for those who don't have that much money, there is no need to buy an iphone for around $1200 to $2000 right now.
That would depend on what the individual needs an iPhone worth that amount for. Some persons I know do buy iPhone as luxury to flex it or massage their ego among their peers and colleagues. However, there are those persons who means of making income requires a gadget (phone) with a camera as sharp as iPhone to help them deliver quality work with their business.
I know of a colleague's son who's into music, the young lad did all he could to get his savings up enough to get him an iPhone (the promax type) because he really needed it in his line of business and wasn't for luxury. I think people like this are doing something as equally great as buying bitcoin to hold for their future.