Some people dream of a world where crypto replaces fiat and the government gets benched by code.
That’s never gonna happen.
There’s no cryptocurrency that will ever “replace” any country’s national currency or CBDC. At best, crypto will coexist with fiat and be used by people based on what is convenient for them for a particular transaction or on a need-by-need basis.
Any push to replace fiat will never work for the same two main reasons that “government” exist in the first place:
People are generally incapable of self-governance, so they rely on a central authority for order. And this is why complete decentralisation is practically impossible. The government will do everything they have to do to make sure it doesn’t happen. And they have all the resources to accomplish that.
So, just as the barter systems, precious metals, coins, paper notes, plastic cards, etc continue to coexist and all be used as a means of exchange, that’s how crypto will continue to coexist with fiat.
Do you think crypto will ever “replace” fiat?