Yes but they’re also anonymous. You don’t have your name attached to the account and there’s no paperwork/bank that’s keeping track of any large/irregular financial transactions
That all seemed to go out the window when companies developed wallets to simplify the process for the average user, and when the prices surged, some started requiring account verification to tie it to a real identity. At that point, it’s just a bank with a currency that isn’t broadly accepted. The idea of digital cash was effectively dead, at least for the masses who aren’t going to take the time to figure out how to use Bitcoin without a 3rd party involved. Cash is simple.