Only due to the internet existing in the first place, which by the author's own logic, 'that wasn't new either'.

The World Wide Web was the 'killer app' for the internet (which that has been there for years before) in the early 1990s; perhaps even fuelling the dot-com boom. A decade after that, the whole market crashed.

The critics were celebrating, did the utility of the web stop? Nope. Only the scams and useless, overvalued websites died.

The same thing applies to just blockchain technology even beyond 'Bitcoin or Ethereum' where when the concept of that is not new. The regulations will come and eliminate the coins that do not comply and the useless cryptocurrencies or meme coins will be extinguished - probably will cause another crash again and eliminating more useless unregulated cryptocurrencies.

That is even before the regulatory framework has been even properly implemented. A few of these cryptocurrencies will survive all of that.

Not really. The innovations in 90s web technologies solved more “real” problems and gained mass adoption. much different than the blockchain/crypto innovations of the past decade which are still used by a relatively small number of people.