Bitcoin isn’t an equity. When you buy it, you don’t get shares of a company.
Bitcoin isn’t a debt. When you buy it, an entity or organization does not owe you regular coupon payments through its lifetime.
Bitcoin isn’t a currency: the # of transactions involving sales or purchases using Bitcoin doesn’t qualify it — that requires some day-to-day price stability. Furthermore, if you ask who the majority holders and miners of Bitcoin are who decide on its fate [through votes and sales of large blocks] you get a big question mark.
Bitcoin isn’t blockchain. When you buy a Bitcoin, you do not own any more of blockchain IP than, say, Long Island Iced Tea.
Bitcoin is a speculative gambling chip. Some days you win, some days you lose. You can win or lose big. Who provides oversight into trading violations? Oh, nobody. If someone hacks your wallet, is there FDIC or SIPC protection? Nope. If you lose your key, and your money is gone — can you call up anyone for help? Nope.
Even as a gambling chip, it is worse than the lottery or a casino, where law requires the odds and rules to be posted, but people making money or having FOMO about making money just don’t understand that yet.