The most common warning I have seen made by Central banks about Bitcoin is that it has no intrinsic value. The present valuation is simply driven by greed and the greater fool theory. Bitcoin is just digital codes of 0's and 1's.
The notion that cryptocurrencies will replace fiat currencies is simply reasoning based on fantasy and not an understanding of the fundamentals and the function of a governing sovereign state. The major currencies act as a medium of exchange in international trade because they are backed by the sovereign nations that not only provide stability but security, law and order in which international trades are conducted. Without security, law and order there will be no international trades - just chaos. Imagine when an orderly society is displaced, there will be no functioning electricity, and no internet. Try transacting with your crypto then - good luck.
'Without security, law and order there will be no international trades' - this is the old system.
Think about what you are saying if we replace currency with the internet
'Without security, law and order there will be no internet'. Computers can make transactions with no humans overseeing them. Think about how ridiculous it is when you want to advocate manual work rather than a robot doing it.
'Without a manual worker, there will be no cars being made' yet cars are being made with robots.
So the old system = fiat currency will of course push peoples boundaries since they will violently reject the new.
Not saying anything about the price about btc but talking about fiat currency vs digital currencies with a limited amount.
Also on this site people are invested in fx so they want btc to fail otherwise they would have to learn something new.
In the end if btc and other digital currencies win, fx fiat trading will disappear like all old forms. Blockbuster vs netflix etc. Napster vs the music industry that kept on rejecting the new.