Money must be conducive to trade. Meaning it must hold long term stability and also have relative short term stability for daily transactions.
Fiat currency does that by force, but still loses long term stability. But BTC doesn't offer that. BTC moves in the same currents as the stock market but much more violently. You can't conduct commerce with such an asset.
But cryptos were hailed as the future of money outside of government control. If you are implying that they need government to achieve stability and marketability then it defeats one of the original purposes of crypto.
You can't make new money without existing entities using it. The government doesn't control the Bitcoin they own, they just have a stake in it. They can't issue more Bitcoin.
Money must be conducive to trade. Meaning it must hold long term stability and also have relative short term stability for daily transactions.
Fiat currency does that by force, but still loses long term stability. But BTC doesn't offer that. BTC moves in the same currents as the stock market but much more violently. You can't conduct commerce with such an asset.
I think if countries start holding large amounts as a strategic reserve the price will stabilize over long term.
But cryptos were hailed as the future of money outside of government control. If you are implying that they need government to achieve stability and marketability then it defeats one of the original purposes of crypto.
You can't make new money without existing entities using it. The government doesn't control the Bitcoin they own, they just have a stake in it. They can't issue more Bitcoin.
It still requires government buy in to give it value and stability.