The main value proposition is to sell to the next person for more than you paid. Everything else about banking the unbanked or other vague goals about being better than fiat are to convince the next bag holder.
I agree. But I genuinely believe "bagholders" will be better off compared to saving in their own national currency - provided they manage their risk correctly.
This is because national currencies keep inflating, so even a decreasing demand might maintain the same price, given the supply inflation difference.
Since the pandemic, BTC has acted like the S&P500 with 4x leverage, but no margin calls (loss limited to what you invested).
https://www.macrotrends.net/1333/historical-gold-prices-100-...
Cryptocurrencies do not produce anything and any actual transactions done using them (as opposed to speculative trading) are a rounding error even after more than a decade. There is no mechanism for them to be anything other than a complicated greater fool scam because ultimately the only way you can make money from them is if you can sell them to someone else for more money than you bought them for -- which is what a greater fool scam is.
Definitely worse than most national currencies outside of select countries.
But I think leverage is insane with the volatility of the cryptocurrency market.