I think its because when BTC had its BIG price up, and everyone was talking aboout it, even in the news, people thought that if they bought BTC, inmediately they would become millionaires... So, people bought BTC... But! When the price dropped from one day to another, they thought they "lost" their money, so to prevent more loss, they sold those BTC. What they didn't know (Because of lack of information... I mean, any investor should educate theirselves and get some information before making and investment...), is that they lost POTENTIAL money. If the price dropped, all they could do to not transform that potential to real loss, was holding the BTC. If they had held those BTC, in 5 years from now, they would have their investment benefit. BUT since, the people that did that are too many (Buy at high price and sell at low price, haha!), and first of all, are not serius investors and don't know nothing about investments (and worst of all, are not willing to learn), and second of all, invested money that they needed, not money that they were willing to lose; all that in summary, lead to the bad BTC experience, which lead to that they now think BTC is a bad investment, that you lose money on BTC, and that Cryptos are scam... And they share that experience!!! So now, other ignorant people (in investment issues) believe it... I think, people that think its a scam, its only because of IGNORANCE, and worst of all, their minds being so closed to other opinions and experiences, they don't even want to learn....