Ain’t gonna happen, Musk. Governments will not give up the power of the purse. They will literally burn crypto to the ground before that happens. Governments have agencies to enforce their will. Crypto has...what?
I have pondered this possibility, could it happen as you see it, most certainly. However it is not quite that simple, short of shutting down the internet, it will very difficult to destroy.
We are in the beginnings of Zimbabwe: weimar situation, people are merely putting money into things they hope will hold value.
All fiat currency eventually ends up at zero, we will also.