Most likely crypto isn't going nowhere! Just give it some time and it will all become a history. Years from now crypto enthusiasts will turn out and blame the government for not protecting them from decentralization. These are vague words from critics who see crypto as a bubble.
Volatility suddenly creates greed, investors are either trigger to buy or sell their holding at this crucial phase, now that everyone seem carried away with the recent bitcoin exchange traded funds (ETF) hype we could have more traded volumes hiking crypto market capitalization. Its important to understand more volatility leads to more uncertainties which are sometimes considered as bubble in this space.
Crypto adoption have been moving on a slow pace due to regulatory landscape surrounding cryptocurrencies and its adoption making each exceptional market (bull/bear) volatility to leave crypto enthusiast a bit clueless where the market will be heading, what makes a crypto believers different from none believer is the fact that the later are very optimistic about the future of this emerging technology, while the later seem to find it hard to believe it could see another big trend, why put money on a digital currency which is not legally recognized by centralized authorities? not that (crypto) mostly depend on intermediaries to approve it adoption but the mass are looking up to these authorities to approve crypto validity these simply means complete mass adoption somehow depends on these centralized authorities more or less hence adoption could take decades to reach wider audience.
its all a bubble
JPMorgan’s CEO Jamie Dimon says he would close down crypto if he ran the government.
Source
For public figures like Jamie Dimon, Elizabeth Warren bitcoin and other cryptocurrencies are completely the opposite of what the government stand for, their illegal means of for siphoning money for tax avoidance, money laundering and drug trafficking are more of the reasons why cryptocurrencies should be completely shutdown for public use.
This has been going on back and forth since 2017 when Jamie Dimon called bitcoin a fraud for most crypto enthusiast this wouldn't be either the last time well know public figures will be calling bitcoin a scam.
It could be a warning sign to protect investors, anytime such news surface during market rally we tend to have some correlation, despite several usecases backing crypto project they are still considered as bubble with no use case for investors which has drastically slow down crypto adoption.
For Jamie Dimon cryptocurrencies could have no usecase, it's left for the general public to decide what purpose cryptocurrencies serve.
Well bubble or not we have seen the crypto space grow into a trillion dollar market cap which clearly shows how it has gradually been evolving over time despite criticism from centralized users the space have shown much resilience this shows beyond doubt that crypto is here to stay for good although it adoption could be slow down due to regulatory policies it's growth seem inevitable.