It's cool to take power from authorities and corporations.
It's uncool to give power to those who already have it.
Crypto just takes power from banks, it gives it to other powerful groups and corporations. Due to the fact that you still need significant investments to keep it running, it's not actually any more democratic.
During 2016 and 2017 I worked for a very large principle trading firm. We traded crypto currencies a lot because one of the higher up traders was a true believer. I always giggled when people claimed with a straight face that crypto would destroy Wall Street; big financial firms were and still are all over crypto because they have the tools and money to handle such things.
Any idea that crypto would hurt traditional financial instituons (aside from maybe savings banks, which are generally the least noxious financial institutions around) was pure fantasy
How do you factor DeFi into this? Major existing players may continue to be so in such an ecosystem, but they don't have total control of it and retail gets to play too.
It's uncool to give power to those who already have it.
Crypto just takes power from banks, it gives it to other powerful groups and corporations. Due to the fact that you still need significant investments to keep it running, it's not actually any more democratic.