Two of the criticisms widely levelled against the crypto currencies is that a) they're fake, and b) are unregulated.
According to the Counterpunch article above, last year the richest 1% on the planet took 82% of the wealth that was generated. And it's getting worse.
And this is accomplished using the fiat currency of the banks. This is their system, not the system that belongs to the workers. And THEIR system, the system of dollars and pounds and yuan and the central banks that administer them, keeps the vast majority of the wealth away from the workers and in the hands of the 1%. It's a con.
Is it any wonder that the banksters and their political servants hate cryptos, and tell us that they're fake, bad investments, impractical, and downright dangerous?
What are the huge amount of fiat currencies to most workers? They may as well not exist exist, inflation makes them a bad investment and makes saving a joke, and the banks use the currencies to keep the mass of the population in a state of slavery.
And is it any wonder that the uptake of cryptos in 'developing' countries is so high? In a lot of those countries, keeping your wealth away from the corrupt arseholes who run the governments and banks isn't just a good idea, it's about survival, and finally being able to do something without the permission and interference of a corrupt dictatorship or oligarchy.
As for 'lack of regulation'. How's the 'regulation' of dollars and the other fiats working out for the workers? Really well -- they get to divide 18% of the wealth between them.
The real reason that the authorities and the banking elite are shit-scared of cryptos is because they know that Bitcoin, Litecoin, Ethereum and the rest have the potential to undo the system of oppression and manipulation that runs the world.
That's why the Americans, Chinese and most European governments are so scared of them.