Absolutely no way. The people who believe crypto will replace traditional forms of money in its current stages are shills, fools, & kool-aid drinkers. Crypto does not take the function of money you’d use in everyday life. Why would you spend crypto when you’re speculating on the price and would rather hold it to see how much you can eventually sell it for? If anything they are more of assets like gold & silver than currencies. You do the exact same thing for gold & silver. You buy & hold it until you can sell it to a greater fool.
Don’t get me wrong, I love crypto & the entire space & want to see it thrive, but any person who has taken basic economics understands that fully Austrian economic states do not work which is what bitcoin is.
Let me explain: Basically, the point of Austrian economics is to hold the value of what you have so that it never drops. Doesn’t seem that bad right? It doesn’t until you factor in the ENORMOUSLY wealthy people who already own a lot, not losing any wealth through incremental inflation (forcing them to spend money instead of holding it).
The US economy is a spending economy. The whole point of the Keynesian economic system was to encourage spending by the enormously powerful & rich. Because let’s face it, 3% of a loss to a poor person with $100 is only $3 but 3% of a loss to a rich person with $1,000,000 is $30,000.
I believe a proof of stake economic model in cryptocurrency would represent the best possible form of a future currency. A well-structured & thought out blockchain that would maintain a consistent 1% inflation rate.
To reiterate, I do have high hopes for crypto, but people who miss the moon & blindly fly into the sun will burn themselves. Invest in moderation peeps.
RE: Can digital currencies really replace traditional money?