This madness might well go down as the best thing to happen to US crypto industry.
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"it's a medium of exchange." lol.
it's a horse at the racetrack. Ask 100 BTC people why they HODL, and none will say, because it is a medium of exchange. They all think they are going to get rich because they are smarter than you. Good luck.
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This is quite an ignorant thing to say. Things aren't defined by what people's personal relationships to them are.
The majority of people might see it only as a bet. That doesn't make it only a bet, just like a horse being used at a racetrack doesn't make it only a racehorse.
That is the same bet though as buying shares...not the same bet as horse racing.