Gold has an intrinsic value because as a metal it is the best choice in a number of practical applications. Even if you completely invalidated its appeal for jewellry etc it would still be useful. Obviously in the apocalypse scenario things would get inverted and foodstuffs would become currency, etc but that's such an extreme take that it isn't really worth considering beyond academically.
The problem -
as this action has demonstrated - causing another big drop, is that The Man that the true believers revel in pointing out can't control cryptos doesn't have to try and regulate them, they only need to regulate the mechanism by which you convert it to or from fiat. Since most if not all FOMO retail investors are just thinking about the gains (in fiat) they are making, if you suddenly can't convert those paper gains into actual fiat currency that they can buy Lambos, etc with - what is the point? You might as well be trading Panini stickers.
If legislators make it so it's illegal for banks to process fiat going to or from crypto exchanges, or - more likely I think - obliges them with AMC/KYC responsibilities, as well as seeking to tax the movement of fiat, then reality will hit a lot of these zealots in the face, I think.
Obviously some cryptos can have a future within the whole blockchain space, although that also feels like a bit of a nascent space - several years after it's inception. I think, however, that this could be a watershed moment for the viability of Bitcoin and other cryptos like it as "stores of value".
