Is Cryptocurrency Truly People’s Money

[Nomad]

Cryptocurrency, by design, is decentralized, which means it has no central authority controls it. Unlike traditional fiat currencies regulated by governments, cryptocurrencies can be mined or earned by anyone. This open-access system is one reason why many believe crypto is people’s money. But it that so? Market is very unreliable and you end up losing a lot of money in few minutes.

 

[Suba]

I can't grasp the point of cryptocurrency being the people's money, because currently, most crypto, especially BTC, is controlled by governments and institutions, with only a small portion held by the public or retail. So, even though crypto is open and accessible to anyone, the public/retail sector only has a small amount of capital, unlike institutions and the state.