The folks that owned the “dollar” stable coins got burned. They realized there is no sense in keeping your cryptos in dollars; so they bought Bitcoin.
The whole, “ the banks were too invested in crypto” thing is BS. I’ve owned Bitcoin for ten years. It’s never been in a bank. In that sense, I am my own bank.
Maybe everyone should be their own bank.
S*hole country citizens without access to banks love crypto b/c they can be their own bank if they have internet access.
US citizens have access to plenty of bad banks.