A big part of why crypto doesn't work in my opinion is that it's hard to trust software and hardware with your money when you don't own the hardware or software or can't modify it freely. Nation-states take great care to ensure that you don't have exclusive rights to the things and therefore your entire life savings could vanish in the blink of an eye without so much as any guarantee of getting your value back. State backed fiat currency is by far still more valuable than crypto and the proof is self evident at this point.