That too, but the tax policies have always been the same, and greater acceptance by merchants mean less worry about taxes, for the more ballsy types anyway.

Stablecoins are subject to taxation too. In practice there may not be any tax to pay, but they still need to be kept track of and declared.
And they don't protect from inflation, while bitcoin has been seen as promising to do that.

SpaceHodler

I think more than one factor is at play here. The strongest is the lack of retail adoption due to aggressive tax policies and the stablecoins placebo. Few have long enough investment horizon and balls to say "fuck you" to the surveilance state.