Yes, the extreme volatility of cryptos makes them unsuitable for use as money for anyone other than maybe drug dealers, etc. As Buffett and Munger pointed out, cryptos are merely being used for speculation, with no legitimate function or benefit to society.
However, the Fed ghouls need to get their CBDC in place somehow, and a lot of opposition has appeared. So the cryptos will be used to build out the 'plumbing' for the CBDC, and then eventually they Feds will pull the switcheroo and swap out the cryptos for their CBDC. They've been making the case for the Fed to start holding Bitcoin (link below) as a way to offset our national debt. Sounds ridiculous, and is, but it's just an intermediate ploy to get the CBDC in place on the sly. It won't be named CBDC, and won't have the high volatility aspect (will be a 'Stablecoin'), but it's being maneuvered into position using the cryptos as a smoke screen.
Trump is the perfect vehicle for getting cryptos accepted, and the crypto plumbing in place that is a prerequisite for the CBDC. He continues to have anti-CBDC rhetoric, but is being used to deliver it. His payoff comes in the form of the billions from his recently launched meme crypto token. So Trump was either bought off, or he's too dumb to realize the Feds are using him, but that doesn't seem likely. So he sold out and took the multi-billion $ bribe. I knew something was fishy last year when he suddenly went 'all in' for crypto, talking about a 'Strategic Bitcoin Reserve', etc. What a crock, but his payday came last week with billions from his own meme coin. The Deep State will also go easy on him in other areas, in contrast to his first term.
Anyway, I figure the next few years could be favorable for Bitcoin prices. How and when the 'switcheroo' to the CBDC happens is another question. As the US dollar runs into the inevitable debt bomb problems, the flow of money out of the dollar can be re-directed into 'crypto / Bitcoin Strategic Reserve', and this saves the day, at least domestically. But internationally the dollar reserve system will still go down the tubes. Most countries will just move their former dollar reserves into gold and the new BRICS gold linked currency. So the CBDC of the US will only be the Fedster's saviour domestically. Who knows, but big troubles ahead. Still a number of years before things really unravel however.
>>> Bitcoin is 'the right asset' to combat the US deficit: Sen. Lummis <<<
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