https://en.wikipedia.org/wiki/Velocity_of_money
The way bitcoin was approached seemed to ignore the idea that the boom/bust cycle is mitigated through regulation and control. It isn't eliminated, but instead dampened. While economic miracles and bull runs seem great, if they are followed by devastating crashes, the market instability and "whiplash effect" of this occurring in rapid succession can slow attempts at economic recovery at best, and spark revolutions at worst. Austrian economists love the idea of "letting the chips fall where they may", but that reductive thinking ignores the social and political upheaval that the previous centuries have taught us result from instability.
The financial safeguards that we've been putting in (and unfortunately removing over the past 30-40 years) are there for a reason.