> Money only works because we all agree to believe in it.
The major popular currencies are very sticky and very difficult to stop believing in them.
Whatever you might think about the US declining compared to China and other issues, there's still a $21T economy with the economic activity of 330M people behind it.
And if you're doing business in this country the US government will demand that you pay your taxes in USD. There's a lot more inertia in the USD than people into crypto give it credit for. Everyone in the country could, in theory, wake up tomorrow and all decide to use something different, but in reality that won't happen.
Crypto can (and most likely will) crash hard and while its getting big enough now that the damage will likely ripple through the economy a bit, but the US economy will go on.
The major popular currencies are very sticky and very difficult to stop believing in them.
Whatever you might think about the US declining compared to China and other issues, there's still a $21T economy with the economic activity of 330M people behind it.
And if you're doing business in this country the US government will demand that you pay your taxes in USD. There's a lot more inertia in the USD than people into crypto give it credit for. Everyone in the country could, in theory, wake up tomorrow and all decide to use something different, but in reality that won't happen.
Crypto can (and most likely will) crash hard and while its getting big enough now that the damage will likely ripple through the economy a bit, but the US economy will go on.
And I'd strongly recommend Galbraith:
https://www.amazon.com/Money-Whence-Came-Where-Went/dp/06911... https://www.amazon.com/History-Financial-Euphoria-Penguin-Bu... https://www.amazon.com/Great-Crash-1929-Kenneth-Galbraith/dp...