No, you're right. For portfolios It's all about the covariance matrix. Having said that, there is probably still the more banal reality of pensions or institutional funds actually needing a portfolio manager to go out and buy bitcoin, which probably would be a publicitly/legal nightmare if done poorly, or if the first person to do it gets burned.
On the other hand, if one pension starts a trend, there might be big benefits to being first in. How do does one fit such outcomes into the volatility calculation...
