Because it's not itself a thing of value. Non tech stocks which are essentially buying a portion of a business that is profitable, well run, and has physical

Because it's not itself a thing of value. Non tech stocks which are essentially buying a portion of a business that is profitable, well run, and has physical assets that have value. Same thing for commodities, etc. Tech stocks and crypto are both in the dsme bucket of investing in ownership of a portion of something that may someday be valuable or profitable, but is not currently.