1. Its only use case is bypassing laws;
2. Crypto thrives on desperation and hopelessness. I think more and more people are realizing that their circumstances (or "material conditions" if you prefer) are awful. So many people are bordering on food and housing insecurity. So many people feel like they'll never "get ahead". Everyone saw Bitcoin's meteoric rise and don't want to miss out on the next Bitcoin; and
3. Despite crypto having no use cases and being a giant Ponzi scheme, it's amazing how long something can persist when people want it to be true.
So is it dead? Not yet. It may never die. But it should. It's worth noting Weaver's Iron Law of Blockchain [2]
> When somebody says you can solve X with blockchain, they don’t understand X, and you can ignore them.
I'll also note that apparently the Bitcoin network used 200TWh in 2022. It came up in another thread the other day that Google in 2020 used 15TWh. Now compare the utility.
Think about that.
[1]: https://www.youtube.com/watch?v=ORdWE_ffirg
[2]: https://twitter.com/Kellblog/status/1532756678596124673