I think it's disingenuous to call all cryptocurrency a "scam". There are a lot of scams, I won't touch the industry for work or investment, but otherwise it is

I think it's disingenuous to call all cryptocurrency a "scam". There are a lot of scams, I won't touch the industry for work or investment, but otherwise it is just betting like any other investment, just a highly volatile one. When I say pensions, I'm thinking specifically about invested pensions (typical for UK private pensions which is what I'm familiar with). Insurance might cover the pension company failing, but I would assume they don't cover the shares your pension is invested in going down in value. Are the risks an order of magnitude different? Maybe, depends what's being compared. Is there a difference between day trading crypto and day trading stocks? Probably much less of a difference. The important thing though is that the dimension of risk is in terms of your gains and losses on the assets – that's what people understand, that's what can be modelled etc. Most people are not considering their banking infrastructure to be part of the risk, and most of the time it isn't, because it's illegal to mess with peoples money like FTX did.