You have an interesting way of putting it. I pretty agree with your criticism although I would frame it as "having all the same problems that our large wealthy democratic national governments have" rather than "antithetical to democracy."
I suppose the only difference is our opinions of democracy as it's practiced.
Uh, cryptocurrencies can't have "the same problems that our large wealthy democratic national governments" - cryptocurrencies aren't institutions, they don't hold elections, have bureaucracies or have head administrators.
I think you're trying to say that a cryptocurrency fuel regime would have the same problem as current democracies. But just cryptocurrencies added to what exists today and as the gp points out, will act to increase all the problematic qualities of the present situation.
I suppose the only difference is our opinions of democracy as it's practiced.