Quote:
Originally Posted by carlsonjok
Bob, I think we differ on whether cryptos represent a threat to national currencies. I don't see that at all. Certainly, both the US Dollar and the various cryptos are both fiat money. But, money takes on two roles: a store of value and a vehicle for speculative investments. The dollar can do both, but I don't see cryptocurrencies ever taking on the first role. The dollar has been and currently remains the world's reserve currency. If it gets supplanted, I would see the renminbi taking on the role, not Bitcoin or any of its imitators.
It was my understanding that the regulations related to crytpos were more related to the ease at which they can be used for money laundering and tax avoidance. However, you are the tax expert so I would defer to your opinion on that matter.
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Jeff, Wasn't speaking like crypto would totally replace currencies like the dollar. Just thinking if they get into too much daily mundane life, like everyday people even get paid in crypto instead of dollars, and then there is a negative crypto event, it would damage the overall economy and erode people's faith and trust in the government to protect us from such economic disasters. That would carryover to the currency as well since it is an integral part of the overall economy, I would imagine.