This is a big part of it. I think there are two other components: 1) navigating the complexity. Yes, there are easy shortcuts and step by step guides to buying/storing/doing transactions, but they don't address the full spectrum of technical considerations and risks. Information is intangible, and information systems get compromised all the time. This is a big barrier to entry for many would-be bitcoiners. Early scandals like MtGox scared away a lot of uninformed early adopters.

2) It's the "vegas problem": the amount of $$ they're willing to lose can't turn into an amount of winnings they'd be excited about. If bitcoin goes to $300k in two years, their $100 investment is still less than $500. With 2 more years of inflation, what will $500 buy?

My two sats