Economist Jeffrey Tucker published an editorial in the American Institute for Economic Research last week urging governments to leave cryptocurrency alone. In his August 7 editorial titled Governments and Central Banks Should Look to Gold Not Crypto, Tucker opined, “The Fed should focus entirely on the soundness of the dollar and the banking system. Innovations like cryptocurrency and the growing infrastructure associated with it are the business of private enterprise, not government and official institutions.”
Cryptobellum Commentary: Cynical detractors of cryptocurrency often claim that governments will ban or abolish cryptocurrencies in order to maintain the monopoly they have on money, so they view Tucker’s opinion as naive and impractical. China controls bitcoin mining globally. The U.S. won’t escalate any existing tensions by outlawing cryptocurrency and likely will approve bitcoin ETFs in the upcoming year or two to not fall behind.
My guess is that in a few decades, the only thing that U.S.-issued currency will be used for is to pay property taxes, which could rise exorbitantly if property tax becomes the only source of government revenue due to the strong foothold cryptocurrency will likely have. Keep in mind, not only does decentralized ledger technology eliminate the need for intermediaries in monetary transactions but also has the potential to completely disrupt and revamp societal governance structures. Decenturion is one such fledgling example. Imagine an autonomous world with decentralized governance and the incredible impossibilities that decentralization will enable. Of course, decentralized, autonomous societies are probably just a brief stopping point on the way to full AI takeover.