The reason for crypto to exist is to be a secondary financial system that you didn't need to be well connected to old-money entities or families in order to "win" from. The 2008 financial crash spurred many anti-capitalist and hyper-capitalist movements, one of the latter being cryptocurrency. They saw how nakedly well-connected people absolutely
cashed the fuck out with the near-collapse of the banking system permitting absurd amounts of money to flow to the markets that had created the problem in the first place, and led to tons of well-paid executives being given golden parachutes out of their industry, so fucking rich they would never have to work again. The anti-capitalist response to that sort of thing is "this system is broken and should be destroyed" and the hyper-capitalist response is "how do I get in on this thing" and the truth of the matter was, there wasn't really a way to get in on it if you weren't already in on it. Hence the creation of an entire second financial sector, recreating all of the failures of the existing one, without any of the regulations, and resulting in the exact same outcomes: the little guys get screwed, and the whales sail away into the sunset with unfathomable profits for basically doing nothing.
I'm not saying blockchain based technology itself is useless. Of course it has uses, some really good ones too. But cryptocurrency has always been 100% grift.