I always watched financial crises as a time of change! Yes, many big ones fall down, some new arise... while ordinary people suffer in that game of power! Usually the ones at the end of the food chain!
I believe that crypto is a new player in that game! The true power of crypto are people behind, there is a strong/rich group of people who stand behind the fiat/monetary systems around the world! We saw many little battles between crypto and government/bank sectors from different countries and looks like crypto is winning, simply because more people are joining, disappointed in traditional institutions!
It will be interesting to see what will happen, I expect some bigger battles in the future! More organized and widespread, probably after some big disaster, like it always happen!
I agree with your words that crisis is a time of changes.
In my opinion bitcoin and the whole crypto thing shows how it can be - open market for everyone anonymously with no credit ranks. Crypto market is a surgery tool, that shows us how a rotten system we have. And yes, it can lead to mass disappointment in the old markets and therefore results to financial crisis on these markets.
Government and central banks denyed crypto at first,
then they started to launch own crypto products
Because they know, if changes dont come from reforms, they come from revolution. So central authorities are afraid of this foreseeable financial revolution
That is a one-sided point of view in my opinion. Yes the cryptocurrency space shows that people desire for something that is different from what they are used to, which is first and foremost something that does not support quantitative easing and also raises capital mobility on the individual level, but we shouldn't forget that we are also all better off if we do indeed have some tools in place to get fraud under control as much as possible without sacrificing freedom at the individual level. I know that is a dilemma and it can never really be fully controlled for, but it is in our best interest to find the sweet spot. Crypto has its own set of problems that needs to be addressed.