Presumably people enjoy investing in crypto. It’s a hobby for many, like gaming.
Crypto is an investment the same way $GME or playing the roulette is an investment. Better term would be speculating or gambling. Nothing wrong with either, but let's call it what it is.
Where did I talk about penny stocks? I was talking about volatile meme stocks like $GME being like playing the roulette.
Buying assets "as a hobby" that depreciate or generate no income, is just that, buying for a hobby, not investing.
I don't doubt that is the case, but that kind of reinforces my point. The societal cost of crypto is too high. If we have to justify the electrical consumption of crypto because people enjoy it more when they see its name on their screen, we are clearly doing something wrong.