Yes, the value of USD value is proportional to the power of the US government (and its judiciary/police/army)... The power to let the private sector flourish, mainly.

The value of Crypto comes from the decentralization (no need for trusted third parties), and is proportional to the hashing power of the network. Upstarts can easily be 51%ed by an incumbent with a large mining infrastructure of the same kind... But this holds as long as people with destructive power let them run.

AND US citizens and nationals no matter where they are in the world.

Plus the ability to take away their assets if they don't comply.