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What problem was it trying to solve?
After subprime mortgages lead to yet another bubble bursting, it was thought that letting banks being responsible for our money was a bad idea. The whole idea behind crypto was thought you owned your money. Good idea in theory, but in practice it was not ready for prime... much like AI. (If ever)
I had never heard that rationale for crypto before. It seems to be a really bad reason if I understand the logic. The value of the dollar was certainly impacted by the subprime crisis, but the dollar still had value being fiat currency issued by the US Government. Crypto currency is fiat currency issued by... a random dude (and in the case of Bitcoin, that nobody even knows). There is no value to crypto besides what someone else will give you for it. There's no intrinsic value to any of it. The rampant rug-pulls we see today in many cryptocurrencies are perfect evidence of this. Crypto "investing" seems to be predicated exclusively on the theory of the Greater Fool.
For those that really wanted that, didn't simply owning gold do that already? There's even intrinsic value to gold irrespective of which nation or national owns it in commercial, retail, and industrial applications.
The only value proposition I have ever seen for any crypto currency is avoiding national and international monetary export controls or cash repatriation.
Yeah, that was definitely the rationale. Satoshi added the message, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” to the first Bitcoin block. In the early days, most of the community were Tea Party, Ron Paul, Paul Ryan, "abolish the Fed" types. There was a lot of anti-Fed propaganda floating around at that time. There was a big overlap with gold-bugs and Bitcoiners, and Bitcoin's "mining" decay curve was inspired by gold's.