I get that, but it’s disingenuous to say that there aren’t a lot of people buying this stuff because they legitimately expect it to make them rich.

Is it most new buyers? There’s really no way to know.

I'd say most people hope it makes them rich, not necessarily expect it. More likely, aiming for a high return they can't get anywhere else.

It's a distribution like anything else. A handful of billionaires, a larger group of millionaires, and then comes the sweetspot.

The sweetspot for crypto is middle class (from lower middle class to higher middle class) doing a 5-10x from whatever they put in. Not enough to retire, but meaningful wealth. This return is within reach for almost anybody with some study, patience, and proper risk management.