There is some misunderstanding of what a crash really is. It doesn't necessarily mean that things get written down to 0 or some arbitrary level because everything has a price at which someone will buy.

Even companies have some value after a crash and you could make a case that at some arbitrary point it was worth $x and since the crash didn't cause the company to crater to below $x it has not "crashed". Even companies filing for bankruptcy have some residual value above what they might have been founded on - it doesn't mean the company hasn't gone bankrupt.

Yeah, I certainly did not mean go to zero, or near that.

To be more specific, I have often seen people argue for including crypto in a portfolio based on the theory that if equities drop a lot (25, 30%?) crypto will hold or go up. People make the same argument for gold.