Also bootstrapped to their public perception is people like Saylor and Tom Lee who are only profitable in certain conditions.

They see FTX implosions and Presidential memecoins getting rugged. Treasury companies going to zero.
Which further blurs the line between crypto and bitcoin.
Pretty much everyone with an internet friend knows someone who lost a bag on "crypto". Or fomo'd into Bitcoin at all time highs.
Part of it is their own laziness to learn, but I can't blame them when the only stories they hear are at the excessive highs, and the despair lows.
We all know at this point you buy, you hold, you sell (optional), and play the game again.
But year over year, your purchasing power goes up if you do it right and are not chasing dollars.