Not a lot of people are actually making money. That would require conversion back to fiat. Nor are they buying goods and services. Basically they’re just getting taxed on worthless trades between fake assets.
The price goes up when money comes in. It goes down when money goes out. It’s up because people are losing money, not gaining it. This is tautological.
"Well since you have this cool new anonymous database technology we will just let you make billions of dollars and not tax it"
Even more ridiculous is that 3rd world countries with sketchy governments are going to let their citizens move their money in and out of crypto.