By Federalreserve - powell_jerome_060512_8x10, Public Domain, https://commons.wikimedia.org/w/index.php?curid=47401664
Forget about Elon Musk, he's flyweight compared to the Chairman of the Federal Reserve, Jerome Powell.
When Mr. Powell coughs in a manner that can be interpreted as a sign of him potentially thinking about thinking about tapering the Fed's QE program, all the markets take a hit. S&P 500, Nasdaq, crypto, gold. You name it. They all dip and the dollar goes up. Not only are US markets influenced because of the dollar. When US bond yields go up, dollar denominated assets go up and assets denominated in other currencies go down. That's because the dollar is at the center of international financial markets.
Adoption of crypto as legal tender is the only the only way for a parallel crypto economy to gain traction
After El Salvador adopting Bitcoin as legal tender several other Latin American countries are mulling over following El Salvador's lead. Latin America is sick and tired of dollar diplomacy. The US has long considered Latin America its own backyard to the detriment of many of these countries. The very term banana republic refers to how United Fruit Company meddled with the politics of Columbia with deadly results in 1928.
The most optimistic scenario for crypto is thus its adoption by a number of countries as legal tender and thus a deep integration of crypto into the real economies of these countries. The status of legal tender is important as it allows for cryptocurrencies to be used as currency without any capital gains tax implications as is the case when they're legally defined as digital property. The use of cryptocurrencies as currency in every day life will also add use cases and create buying pressure on the currencies.
Stablecoins such as HBD (a hard fork or a couple down the road) in particular have great potential in this respect. A social media platform with an internal stablecoin is valuable.