[seibelj]

They are not the same thing. Investing in an index fund is a bet that over your holding period your rate of return will be positive for the companies invested in. But recessions happen, and if you don’t want exposure to recessions then you don’t want an index fund.

Furthermore it is non-trivial for global citizens, especially those in corrupt and financially moronic countries like Argentina, Turkey, and Lebanon to get access to a US index fund. Bitcoin is global and apps exist for every platform and country to help people buy it.

One way to look at Bitcoin is that it is an improved version of gold. By your logic, why would anyone want to hold gold? But many do. Bitcoin is an internet-native digital asset that acts like gold but has many interesting properties in how it is custodies and transmitted that make it different if not superior to gold.

Clearly what someone doesn’t want to hold is cash - whether USD and especially fiat currency in mismanaged countries like Venezuela. In the USA it is much easier to avoid holding cash than in other countries.