However there is still a great deal of risk associated with cryptocurrencies.
Also people should understand that despite how volatile bitcoin is, investing on it also needs patients most time. It is not put money in today and get folds of it tomorrow. You need to wait for the bull, don't invest all you have in one project.
That's the main thing in cryptocurrencies. There is a misconception that profit will be earned in an instant by doing so.
No matter what investment, risk will always be present; risk of losing money. But ofcourse there is a chance of benefiting from doing so. It is like a gamble wherein winning is not that certain.
IMO, that's some biased opinion, although I am a believer of Bitcoin's future, but putting all your money in crypto is still financial irresponsible.
Diversifying the investment would somewhat lessen the risk because there will be options that will generate profit. But it is about efficiency of the "alternatives", if the options will not be effective then the loss will just be bigger.