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You are also correct in that buying it after a major crash has historically been a very good business. It’s still something which has no value, however, and I’d consider that a somewhat risky (and a losing for many) strategy compared to putting your money into energy, medicine and water.
Even buying it after a major peak (literally every single prior peak) and just holding throughout the crash has been very good business. Agreed that almost no one can stomach the volatility though if they truly hold Bitcoin as their main asset.
I've always held it with full knowledge that it's a speculative asset and holding it is in fact speculation and should not represent the majority of my portfolio. The issue I have is my speculative asset keeps multiplying and dwarfing my safe 5-10% investments and I have to maintain extreme discipline to keep rebalancing during peaks like this.