I’ve heard mixed thoughts on if each country eventually created their own cryptocurrency, would Bitcoin still be number 1 or would it fizzle out. Some say it would legitimize Bitcoin even more, others say it would make Bitcoin obsolete.
What are your thoughts?
Depends on how these supposedly crypto back up by government. But I still have doubts how a marginalized people such as crypto enthusiast will simply abandon bitcoin and used those 'digitized' money by governments.
For sure there could be tax imposed, just like common commodities which can go as high as 30%. It can also be used as a surveillance tool, to follow us and somewhat to create something like a database for government to be used whatever they wish. So I don't think that bitcoin will go obsolete.
Probably if a country make their own cryptocurrency, they are going to support it as it is supported by the government. But I think that this will not going to happen because many countries are not comprehending what is the value of cryptocurrency. If they can't accept bitcoin as a currency even now, then it is very hard for them to make their own cryptocurrency. I think the reason is that their mindset of crypto is just a full of scammers compared to fiat currency. Government around the world are not open-minded enough when it comes to blockchain technology so that they aren't going to digitize money as long as people are still supporting the use of fiat currency in their everyday lives. Let bitcoin be bitcoin because it is the basis of all cryptocurrency invented.