You are both right, but unlike crypto, casinos and crime facilitating black markets don't pretend to be something other than what they are.
However, I tend to think crypto is a bit more than that: an anti institutional weapon.
Therefore it's not a coincidence that crypto also serves the above use cases that specifically seek to avoid institutional oversight, or in circumstances where institutions have already failed (i.e. Venezuela).
Once the illusions of anarcho-capitalist utopia dissolve, that's what's left, and crypto's fundamental market value - minus the greater fool stuff - reflects the sum of 1) the fear of and 2) enthusiasm for the destruction of institutions, with both of those pushing the value up.
Stronger, trusted, adaptive, and accountable institutions that provide their societies with security and broadly shared well being will push it down.
You may not like it morally and may wish for crypto to be legally banned as a result, but casinos are real and extortion is real.