For me I see it as a completely speculative asset. I’ve bought some in the past, made a bit of money off it and sold. What I don’t like about it:

Because it’s so immature it can be legislated to oblivion.

Also that it doesn’t have any sizeable use cases yet other than trading it and money laundering. I can’t see it becoming used as a currency as deflation inherently built into it as well as its price volatility is an impediment. Also the story of store of value is weak when you consider that its price fluctuates massively, unlike traditional assets. The only thing I can see is international payments but this will end up being done without needing any of the cryptos out there.

No matter what the narrative, I feel and believe that everyone is just holding to maximise their returns then dump their “bags” to someone else who’s hoping to do the same. As there is no underlying asset to underpin the value of the coin other than supply and demand, if demand collapses, the price will as well.

It’s open to manipulation, insider trading and so forth. These have been largely regulated out of the mature stock markets, while crypto is the Wild West right now.

It’s not diversified enough. A tracker find tracks thousands of companies while something like that doesn’t exist in the crypto sphere to provide a notion of stability. It’s like investing in a super volatile stock.

I’d be happy to speculate with some play money but it’s lack of regulation is putting me off from making it a primary investment choice.