Everyone I know uses the term “invest” or “speculate” when they buy any crypto asset. I haven’t met anyone use the term “diversify” when buying crypto like you would if you bought USD or EURO or bonds.
I know someone who used all of their 200k medical loans to instead buy btc. Clearly individuals believe these to be securities with expectation of profit since there’s interest in the loan. The guy even bought it on binance under a fake name so he won’t be taxed.
Whatever legal mumbo jumbo used by companies might be right. But the users and market treats these as securities - especially with all the derivatives built on top.