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Just my personal take: the thing about Bitcoin is not that the success is based on the soundness of crypto but instead it's based in the non-soundness of our debt and fiat-based currency. It's a sign of the times and a growing lack of faith in institutions.
From memory Bitcoin's second major surge (from circa $100 to circa $5000) around 2011 to 2013 was during massive influx of Chinese buyers and miners. They were not buying because they don't trust fiat-based currency or government debt / institutions - they were buying to hide their money from their govt for political reasons. They then move overseas and acces their 'hidden' funds.
In fact the biggest seizure of Bitcoin ever was a Chinese fraudster who had 61000 bitcoin (~$6.7b US), fled to the UK on fake documents and started buying property. She was just taken down recently.
Bitcoin's success to now is a lot of factors but I think the main ones are a 1) idiots with high risk tolerance or low technical understanding, 2) criminals using it to hide/transfer funds and bribes, 3) tax/govt evasion (eg Chinese as above), 4) fomo. Way way down the list would be 'people worried about fiat collapse'.
Chinese 'goddess of wealth' attested in worlds largest bitcoin seizure 2025/10/01: https://www.bbc.com/news/articles/cy0415kk3rzo
Ending the federal reserve has been Peter Thiel's wet dream for a very long time. It's also coincidentally become one he shares with Thomas Massie and Mike Lee.
Trump and all these rich fuckers are investing large sums of money in crypto. Depending on how big the next big financial collapse is, they might just all be willing to hop on board with Thiel and Massie and say fuck it. Who needs the federal reserve anyway? (Other than all the suckers who aren't part of club Oligarch, but who gives a fuck about them?)