You can say the same thing about stocks, gold, bonds, commodities depending on what year you are in. Everything goes up and eventually down again. Oil futures even went below zero not that long ago, now the cash price is over $100 a barrel. I saw the crash in 1987 and yet here we are, at all time highs recently. Crypto of course has less economic meaning as it's just bits, but anything that is traded goes up and down in value, even pointless things like baseball cards. Value is whatever people will pay today for something hoping it either goes up in value or provides them with some benefit (like a house).

Complaining that crypto is stupid is fine, but lots of things in history were stupidly valued (tulips, beanie babies, bored apes) and eventually the market did or will change. Crypto is worth whatever people will pay for it. It's not inherently evil.