I wonder how long ago that "realization" occurred, and if you have since then "realized" how much the market has disagreed with your conclusion, or if you've "realized" the size of the opportunity loss?
There is a language of such bubbles - not, here is why it has value, like a loaf of bread or chair or bar of gold, but think about FOMO and that type of thing. There have been fly by night scams since Ponzi's postal reply coupons, or Dutch tulip bulbs and before that - I don't worry too much on missing out on the latest scam.
You say it's 'the reason' which I'm not sure means 'the only reason' or 'a reason'.
If it's the former: How will crypto, let alone any collectable or sentimental item fit into this framework?
If it's the later, then yes, but utility varies by recipient and then there are other factors which play into price, especially in the short term.
To see its value, I don't need to make an effort to understand what a pear is, or a bar of gold, or a house.
I and others have looked at Bitcoin, and its trillion dollar market cap (which means Bitcoins are worth more than JP Morgan Chase and Johnson and Johnson put together) and realized it has absolutely no value.
At least subprime mortgages, 1999 dot-bomb stocks and the like had some value. Bitcoin has no value. On the next market contraction like 2008 or 2000 or the like Bitcoin value will collapse. Maybe even before that.