What happens if/when Crypto takes over the dollar?

[Rachel]

If it is ever possible, what do you think will happen if crypto take over the US dollar? What will become of the dollar? Would the government need to adapt to crypto? 

[James]

That would be crazy if BTC became the world reserve currency. It would never happen because the central banks of the world need to be able to just print more money and a system like Bitcoin would not work to well for them since its a deflationary asset. 

I can see them moving to electronic money and I think we need to fight that with everything we can. There are still a lot of cash transactions out there and the government does not need to know everything about what we do and which people we choose to send money. 

It would be cool to have all the governments transactions on a public block chain so we could watch the flow of money and see where it is going. The leaders are supposed to work for the people and I think more transparency would be great. Keep the military spend secret but open up everything else for all to see. 

Who knows so much has changed over the last couple of decades I am sure the next couple of decades will bring along even more changes. 

[Stacey]

I thought about this and like James said, the banks rely too much on the current standard to ever allow something like this to take over. The only way I could see this happening is if they had some leverage or control over it and that completely defeats the purpose of crypto.