Not true! Cryptocurrencies have real-world productive use cases such as money-laundering, ransomware, drug and weapons trade, terrorist financing etc. As well as some less-morally-wrong stuff like hiding from oppressive regimes. A bet on crypto is a bet on the future of these activities.
I think you forgot "contributing to climate change by using as much energy as a small country" which may not apply to ethereum anymore, but it sure still applies to bitcoin
