There is literally only one kind of "utility" that matters in money and money-like instruments. ONLY ONE. "Do people believe it will retain or increase in val

There is literally only one kind of "utility" that matters in money and money-like instruments. ONLY ONE. "Do people believe it will retain or increase in value?" That's IT. This goes for the things you think are scammy, and it also goes for the things that you perhaps expect to retire on. There is nothing there besides "what people choose to believe." So there it is, even for crypto. If enough people believe in crypto/the stock market/social security, then it will work and do the thing. If they don't, it won't.