Those people weren't investing in crypto. They were speculating in crypto. The difference is that investments have some rational reasoning behind hoping for a

Those people weren't investing in crypto. They were speculating in crypto. The difference is that investments have some rational reasoning behind hoping for a future profit, beyond 'the greater fool' theory. Bonds have a solvent business's pledge to repay them. Stock represent ownership in some business, hopefully one that makes profits for its owners. Crypto seemed only to hope that someone else would come along and pay more for it. See what Charlie Munger and others have said. For a long time.