For now maybe but what about in the future where cash/fiats will slowly be extinct because it will be replaced by cryptos ? For sure people will start to crawl back on cryptocurrencies .
I don't see crypto form a threat to government issued fiat currencies because they are and will remain the most useful and convenient forms of money. All crypto does is add problems instead of solving them.
Sure, crypto is decentralized, which is a great selling feature for us, but who of the average joes care about that? They just want a form of money that works and is stable as per its unit value, and that's what fiat offers.
People are incentivized to hoard/save everything that's scarce, which is Bitcoin, but spend things that aren't, which fiat is part of. I find gold a way better selling feature than Bitcoin being a currency as main selling feature.