Crypto is finance without borders. It is literally the cypherpunk dream come alive - money issued on computers, censorable by no one, existing only as numbers. You could ban crypto with every government on earth and it would be severely reduced in price, but it would not die - it would just delay its inevitability. This is because cryptocurrency is an ideology - one of anti-state money, pro freedom, decentralized, empowering individuals. A circular economy of crypto does exist - it’s small vs. the speculation, but people do receive crypto and spend crypto without ever cashing out to fiat. As that economy grows, there is no longer anything the state can do to stop it.
But the state won’t stop crypto. That time has passed. Some in power saw the threat, but mostly the elites called it “rat poison squared” and laughed at it. Now crypto is so big you have major Republican presidential candidates issuing pro-crypto policy platforms and senators and powerful representatives defending it in committee hearings. It’s all over.
The real solution is to out compete crypto. Why do people like it? How can state currency do better? If you can’t solve that puzzle, then you aren’t going to defeat it.