The word crypto is a plural word denoting parity where there's none. At least that's the subtext behind the mantra "bitcoin ≠ crypto". I think this is an example of Veblen branding.
It separates bitcoin's exclusivity from the rest. It's quite powerful, I haven't seen another project that can do this effectively, and I think the reason for it is because projects that try to compete, do so by using utility arguments, which is perhaps the worst way to try competing with an established Veblen brand. Take this fictional conversation between Alice and Bob when the mid-engine corvette came out to highlight what I mean:
"You know Alice, the new Chevy is faster than a Ferrari 488. It's really going to cut into Ferrari's sales."
"No Bob, Chevy isn't cutting into Ferrari sales anymore than an accurate Timex is cutting into Rolex sales."
As of today most new Ferrari models are sold out until 2026. Point is, crypto shills first start by dismissing the layered network and what's going on with Lightning, then attempt to compete with Layer-1 by saying their project is faster, cheaper, or fairer. It's branding folly 101. Airdrops are even worse, because you don't find a Veblen brand in a discount bin.
Veblen good: luxury watches, designer bags, supercars
Veblen brand: Rolex, Birkin, Ferrari
Demand for a Veblen good increases as its price increases. You might think I'm low-key making the argument bitcoin is a Veblen good, but I'm not. That's a myopic argument. It's much more than that. Bitcoin is unique in that it distinguishes itself from all other asset classes while borrowing the best characteristics from each, wether that's Rai stones, Veblen goods, gold, fiat, etc. I'm talking about the current bitcoin branding culture, not the first principles. Those are already permanently tattooed in our cortex.
Any projects viewing themselves as competitors to bitcoin should've actually done the opposite of what they did — which it's too late to try now. They should've cut the block size to .5MB, used SHA-512, and called it Bitcoin Veblen, with a Van Dammesque motto: "Twice as hard half the size"
Anyway, I've always said what made [art] NFT's unique within crypto is this: they're simply Veblen goods. Creators wisely paid celebrities to shill them and cunningly exploited blockchain properties to pre-buy them and set visible floor prices. Richard Heart was able to pull off HEX by exploiting Veblen principles and branding himself.
Bitcoin is a store of value, a bearer asset, a payment network, a protocol, an idea, a money, a Veblen brand: Bitcoin ≠ crypto — It's a motto far more powerful than critics even know.