So in the end instead of a new form of money that’s separate from central backs what we get is a… hollow stock. It’s a stock in nothing but the hype about the stock. Once the hype wears off then what?

It will probably bubble up for a while and crash again. Remember cryptocurrencies have no practical purpose. They are only worth something because of the expectation that a greater fool will show up later willing to buy at a higher price. But we also know that there's a limited supply of fools, so sooner or later the bubble has to pop. And this will go on and on until governments intervene. This is my prediction.