The dollar is backed by gold, the gold is the bareback of it. What is behind Bitcoin?
I agree with others that this is very wrong for current economy. I can't believe any economist could be ignorant about this fact.
Bitcoin's core values are the following: Open source, censorship resistant, decentralized, peer-to-peer and verification of rules (everyone can be part and run a full node).
We don't know it, and it also can be some guy in his basement for all we know. It's core values prove that this is not government funded project, it can't be. How could they benefit? One of the interesting theories is that they released this untested technology to the masses and let them develop it further to then adopt it if it works.
But here's the kicker that I have been thinking about since we talked: He believes the private/public sectors will adopt the Blockchain, the governments, businesses to further improve their systems. But it will NOT be an open Blockchain, rather a Centralized Private Blockchain. It will just be Database replaced with the word Blockchain, same principles. Non-censorship resistant and not open source.
I think the governments might try to create their own centralized private cryptos which people still wouldn't use, giving prefference to fiat. Other people will use top cryptos more, so the govs will have to adopt top coins. Cryptos are about at least some open society values and decentralization. Inducing blockchain and living the ideas that brought it to life behind sounds like betrayal to me.