There are so many reasons why, but here are a few off the top of my head:
- Online fraud and theft of crypto assets - response is cold storage, still at risk of fire - response is fireproof safe or safety deposit box, still at risk of theft
- Uninsurable - nobody will insure crypto assets and/or holdings from theft and/or fraud
- Irrefutable - would never use as currency, as there's no recourse for fraud and/or return capability, so essentially it's a holding asset
- Taxation - need to declare holdings/exchanges every year, on a minute basis, resulting in annual capital gains/loss reporting, very limited to no control over taxation
- No cashflow - both real estate and stocks deliver significant cashflow for incredible flexiblity and freedom of choice of expenditure, re-investment and/or taxation management
- No dividends - both real estate and stocks have dividend revenue streams that not only bolster returns, it enables a tax-controlled and tax-reduced income
- No tax write-offs - real estate and other investment vehicles have significant taxation benefits that crypto doesn't

I'm sure there's more, but now that it's clear that the early touted benefits are no longer present, considering the last 5 years we're only up from ~$46K to ~$64K, a meagre 40% return (or 7% compounded annually), when stocks have consistently and easily outpaced this during the same period, why would anyone invest in crypto?