What are young people to do with their money? Real estate has a high cost of entry. Retirement accounts tie up their money until late age with rules that may change. Pensions are a thing of the past.
Crypto for all its flaws is soaring, less boomer, and allows for ownership of wealth.
So personally investing in Bitcoin would have lost me money. So I do not think you can blanket say doing one over the other is a clear choice. The day to day volatility of crypto is absolutely a concern for making any kind of financial planning.
https://twitter.com/TheBTCTherapist/status/17353627302388821...
Equities means shares in companies, which are what real economy is made of. The population collectively producing physical goods and services. Tangible real things, created by people doing actual work.