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Opinion: cryptocurrencies, as they stand today, function as one large Ponzi scheme.
Why would any government willingly allow an “uncontrollable” cryptocurrency to replace its own sovereign, state-controlled currency? Would the United States, for example, ever permit Bitcoin to reach a level of dominance where it functions as a primary medium of exchange, rendering the US dollar inferior or stripping it of its reserve-currency status? History tells us exactly what happens when anyone even attempts to challenge the hegemony of the dollar.
Do people genuinely believe that governments, especially global superpowers, will sit back and allow decentralised digital tokens to supplant their monetary authority?
Bitcoin has now been around for 17 years. What tangible utility has it demonstrated during this entire period beyond price speculation, trading, and wealth transfers for those hoping to exit at a higher price?
Its primary use case has overwhelmingly been speculation. The argument that Bitcoin or any other cryptocurrency will eventually transform into a stable, widely adopted global currency in the next decade is, in my opinion, delusional.
Governments will never relinquish monetary control.
Muhammad Kalim Misbahi
