Absolutely agree with you given the risky assets category cryptocurrencies are! However, I think it will be a short term shock as I think that the governments and their Central Banks will look to add liquidity to the market which promote riskier positions. This will also lead to fiat currency weakness which could inflate prices. Given the scarcity and limited supply of some cryptocurrencies like bitcoin, we could then see them as a safety asset against the devaluation of currencies.