Agreed. It is important to look at On-chain metrics when Elon tells stories like this. A lot of the times you see buy and sell transactions worth between .01-1 BTC, showing that this is could be younger, more unexperienced money. For example, during the most recent sell off, most coins being sold were less than 6 months old and most were selling at a loss. This was probably because the people selling are new investors and were scared of volatility.

Bitcoin is very special because off how volatile it is. Those who can handle it will reap the rewards, those who can't will be constantly trying to time the market.