I think there are a few legitimate reasons to why a lot of people end up in ”crypto”. First, they look at Bitcoin primarily as a speculative investment asset (rather than a new monetary system - an electronic peer-to-peer cash system as it is intended to be), thus applying the traditional investing wisdom number 1: ”diversify your portfolio” So they end up diversifying, and building up a portfolio of differenent cryptocurrencies - all in order to engage in what they perceive as proper risk management. Secondly, a lot of people just assume that the future digital economy will mimic the traditional economy - they assume it will be a world full of different currencies for different countries and for different use cases. And that bitcoin will just be part of the puzzle.

I understand the reasoning but it’s still bad reasoning because over 90% of non bitcoin tokens go to zero and you need something that can hold value over time

Perhaps it would better be called ”seemingly legitimate reasoning”