Yes, but in the mean time between now and then there has to be a transitory period. Just as there was a point in time where places would work in barter or in those fancy new "coin" things. In that case the forces of trading furs are doing everything they can to keep people from adopting coins because it undermines their power as the people who control the beaver pelt markets.
The system being perpetually built on debt rather than simple honest transactions is the problem. And as long as there are banks that can lend out more money than they have in deposits, as long as fractional reserve banking is a thing, then it will continue to be a problem. The Fed is just the biggest fractional reserve bank out there.
A Bitcoin based monetary system would not allow for fractional reserve banking. They would try, but after the first few bankruns you'd start seeing fully reserved banks (ala free banking era) and you would likely be paying the bank to hold your money rather than being paid for them holding it (interest). It is an entirely different environment, one we used to have, and I expect we'll have again.
Or.. Most of the fucks in the exchanges are doing incredibly shady and illegal shit.
Buying a bunch of US bonds at low interest rates when it was obvious the Fed would have to raise interest rates sharply at some point in the near future was definitely unwise, but not shady.
China has, for some time, been accumulating and hording up gold, so has Russia to a certain degree. In China you can go into the country to mine gold, they encourage it, but they only allow you to sell your gold to the government, and they aren't spending it anywhere right now.... Wouldn't surprise me to see it used to partially back their currency. All they'd have to do is allow actual auditors to come check how many tons of it they had. At one point in time there was also rumors of a Russia/China stablecoin already.
beincrypto.com
A basket of currencies all of which are manipulated by their governments. What could possibly go wrong?
