In the case of cryptos, I would not focus on the US. I think the West in general and the US in particular will be big laggards. It is the developing nations who will lead the way, and for good reasons. Firstly, many of them have been living with currency crisis after crisis for generations and so their people are far more receptive to alt currencies than the Americans. Secondly, at least for some, their governments are also receptive to the concept and see it as a source of freedom rather than loss of power. Thirdly, Russia, China, Iran, etc have a vested interest in seeing their trade not be denominated in USD so that the US cannot use its currency as a bomb that blows up in their faces.
Put all this together and give it time. Eventually they will arrive at a solution. When they do, it will grow exponentially. At first it will be ridiculed as yet another example of failed currency attempts. Then it will be met with anger and seen as a threat. But eventually it will be seen as the natural evolution of money in a global village.
Developing nations do not get enough credit in the west. But they are frog leaping the west in many directions by taking advantage new technologies, ranging from remote healthcare to novel social and governance solutions. I am not saying that they are good. They are still far behind the west and have great many issues, much of which is of their own making. But they are exploring solutions that the West does not give a chance to. Eventually, one of these solutions will work out. |
