No, those countries have "bad" economies for other reasons, such as not having enough economic freedom, and maybe for sharing a currency with countries that are more competitive (Germany).
Switzerland for example also embraces cryptocurrencies, they even have something called the "Crypto Valley" (like Silicon Valley) in the Zug canton, and as you surely know, Switzerland is one of the most prosperous countries on Earth, it is no surprise that it is also one of the countries with the most economic freedom, one of the best countries for businesses, etc... you know, the complete opposite of socialism.