It's not only that it's risky. It's that by construction it can't work for everyone. You can only get rich at the expense of someone else.
Further, getting rich at somebody's expense is business as usual for any asset, be they stocks, housing, metals, anything. It's a false morality to think that this is a behavior that "good" people widely reject. Absolutely everybody in a position to do so, will. Have you ever met a home owner that gives a social discount to his inflated house when selling? I don't think so.
No, see, that's the point I am trying to make and that you are not getting. Housing and the economy as a whole are constructive activities that create value. Crypto is not, as far as I can tell.
When I own a home worth 200K, and 5 years later sell it for 400K, I have 200K in profit. Do explain which "value" was created for that 200K?