Still i would say the ratio between how the utility value is actually estimated and the certitude it has huge future speculative value based on this supposed utility value is still weird.
Hiw many people actually have any kind of number on which to base this utility value, in'which sector of the economy, compared to other options available, except repeating the mantra about decentralization which is not even true anymore for bitcoin at all , and its impossible to use it both as efficient currency and speculative assets with so little backing behind its value.
Most people who use bitcoin are mostly in for promise of huge rise, and just sit on their btc waiting for the prophetic huge rise, rather than really trying to listen to potential customer or problem with it, almost starting to act as ca ult, rather than trying to make it really useful for actual buisness in real economy.
With this sort of attitude, cumulated with the thousand of scams, ponzi, and all organized with it, its no wonder it fail to get trust from mainstream economy.
From the outside, id bet most noob who actually tried to get some bitcoin got scammed t least once, without counting all the bugs, mistake, latency, and esoteric interface to pile up more loss and questions than anything, and there always huge number of people exploiting those cracks compared to the number who really want to helps and improve clarity and fix problems or helping noobs and layman.
This culture of pseudo elitism in early day that being early initiate in crypto in early days to mine easy coin and get the first round of big profits doesnt really helps the reputation either, and still have impact on the attitude of many user of cryptos.
At some point need to take a good firm honnest look at where does the money come from in this huge soeculative profits making, and its most likely not from utility value, so in this it can still largely be called some kind of speculative craze, and still mostly a bubble for the moment.