I'd say it depends on your uses.
If you're an organization looking for a platform in which to publish your videos so that they can be spread in your newsletter/social media and embedded on your website, it's probably a very good alternative.
If you're a content creator who runs on donations and has a dedicated following already, it might be good. And as the fediverse grows, it will only get better.
For a lot of the content creators who live off engagement and clicks, it's much less likely to become a viable alternative. The kind of content people will watch for hours, but that nobody would ever consider paying for.
I think it's not about one platform replacing all of YouTube, but about providing viable alternatives for specific uses.
As the current us government is very pro crypto, I'd say this is not only very risky, but you would also be buying into their narrative and possibly be an even greater part of it as it crashes and burns.
That said, you're not wrong.