Maybe I’m confused by the replies. But my steel man argument #1
If the government bans bitcoin in the US, it would not be a viable medium of exchange because businesses would never accept it for payments as they rely on the government for permission to operate.
Government would also make on and off ramps illegal, effectively making it useless inside the US for anyone not tech inclined enough to use a kludgey and illegal workaround.
The average American is not used to dealing on the black market regularly like many people in other countries.
If the US wants to affect Bitcoin in other countries, they can exert influence through the IMF, trade deals, or bombs.
Ergo, Bitcoin is a risky investment.
I think that’s how most of these people are rationalizing it.