This is one of the reasons why Bitcoin adoption is so low. Everyone is aware of volatility, of big rallies and big crashes. Avoiding big risks is the default course of action for most people, even if big risks have positive expected value.
Yes, this is one reason that makes a lot of sense, because some people think that investments are certain.
Apart from that, there are also factors from the habits and mindset of the people in general, especially in developing countries, not advanced ones, sometimes people's thoughts are only limited to things that can be seen and grasped and those that have legal force that guarantees their safety. Let's say we look at how Bitcoin has developed so far, over the decades that have passed with various cycles, as well as the progress of prices and so on, but for people who are still guided that an asset or object is something that must be real, can be held, and exists. the legal umbrella and control are from the government, so when you see Bitcoin, you don't believe in Bitcoin. This centralized and decentralized mindset is also a factor, because people in several regions are still very focused on things that are centralized.