Drugs paid with cash are challenging. Crypto is not. Authoritarian states can do deep packet inspection and random phone/computer checks. Advanced states can just roll it into their AML frameworks, as well as track the purchase of mining equipment and their inputs. Both will offer whistleblower rewards.

There will still be people who use it. But it will fall out of the mainstream. More people are more enthusiastic about cocaine than about crypto, and your enjoyment from an ounce of cocaine isn’t dependent on others using it. For crypto, it is.