It’s not an investment. There is no lending or business plan involved. Speculation would be more appropriate term.
People should be able to have long term savings without playing the wallstreet casino. Gold and real estate has been used for cross generational wealth transfer in the past, but using houses to store wealth brings it’s own set of problems.
Unfortunately, the way institutional investors has been trading bitcoin lately made its price copy the traditional high risk stocks, which is the reason I’ve been so pissed about regulators allowing large institutions to touch it. While I believe this will be of no consequence in long term, in short term it’s pretty annoying.