I think most people have no idea why they’re buying bitcoin. Probably to speculate, even if they don’t admit it. Sure some may think that it’s going to be around even if we hit Armageddon, but I seriously doubt that, but maybe. If you’re doing something illegal, or want to hedge against Armageddon, you might diversify your portfolio, especially if you’re wealthy.

A big question is what can crypto do that you can’t do with other regular currency. Right now it’s mostly things that are illegal, or if you live in a corrupt country, and want to hold you money in something other than the local currency for security or inflation reasons and maybe it will slowly replace the local currency. When it comes to security, of course, most people are too ignorant to know about the tradeoff of you handling the private key versus giving it to somebody else like SBF /FTX.