yes

It's a mix in my experience.

The reason I don't have any of the BTC I bought in 2014 is because I never thought of it like an investment, I liked the idea behind it and it allowed me to get cheap high quality drugs delivered to my door.

But people who are only now jumping into Bitcoin in 2023, yeah they probably want fiat gains. But whether they stay for the revolution I'd say depends primarily on whether they get distracted by the latest shitcoins instead.