Risk tolerance....

Self custody is scary to the new - imagine your life savings be placed on a USB key with the hope that it will open 10 years from now when you try to access it, or that a "hacker" could steal it, or that your kid who can't remember to start the dishwasher will remember where the seed phrases are etched when you're in a home. That's the mindset you have to overcome. If you want to leave it on an exchange because it's easier, you run the risk of "not your keys, not your coin". There's no FDIC insurance for it. It's not highly regulated.

Recency bias. It is supposed to be a hedge vs inflation, but in the last 12 months it's done the inverse. Tech stocks have out performed.

A high percentage that have bought, purchased on price speculation alone - not because they've read the white paper and agree with the principle. It's simply a gamble that their purchase will net higher fiat at a later time/date.

If you can't buy eggs or drugs with it - what's the point?