BTC is another form of speculative "investment", rather than...

BTC is another form of speculative "investment", rather than currency.
It is volatile because no one is exactly sure what it is, and only doing 'well' because there are enough people who believe in it, so much so that it is becoming more mainstream.
It has taken some of the fund flows that should have gone into Gold, because the younger people buy cryptos and not Gold.
FTX and a few others have shown how opaque the crypto world is, counterparty risk is rife.
As long as Tether does not implode, I guess all remains good, BTC would go through the usual boom and bust. And those who bought it probably have acknowledged and accepted that with the boom comes the bust eventually, rinse and repeat.