Exactly. Crypto will never replace Fiat because of its decentralized nature. Governments will want something they can control in order to manipulate the public. This is better achieved with Fiat than anything else. As long as governments continue to rely on central banks for the issuance of new currency, Fiat won't be going anywhere. As far as physical cash goes, I believe it'll be here to stay for a very long time. The world is not ready yet for complete digitalization. There are areas where there's no Internet access, limiting banks' ability to circulate CBDCs to the public. If banks seriously want to phase out physical cash, governments are going to need to provide Internet access for all. In third-world countries where most people are poor, this becomes quite a challenging task. The main issue would be making old people use CBDCs on top of physical cash. They won't change their ways even if technology promises to improve their lives for the better.

Nonetheless, phasing physical cash is time-consuming but not impossible. Slowly but surely, CBDCs will be introduced until they completely replace physical cash. In other words, CBDCs will co-exist with physical cash for quite some time. Crypto will still be relevant since people will use it as an alternative to Fiat. Its main selling points will be decentralization and censorship resistance. With how big crypto has become, it seems to me that it'll co-exist alongside CBDCs for many generations. Phasing out physical cash will truly depend on how fast people adopt digital payments in the mainstream world. Just my opinion