In a discussion about the future of bitcoins this morning the following is what I wrote.
Bitcoin? It’ll die all by itself because the ‘currency’ is a nonsense. On the other hand, if we have another 2008-like monetary collapse of the existing fiat currencies — for which governments will then have no immediate solution — then nothing will prevent the immediate emergence of a new trading currency of intrinsic asset value so long as it’s launched by those whose future interests are also totally dependent on it — for example, a consortium of the largest multinationals — and thus trustworthy.
A digitally represented encrypted currency would then be able to spread fanwise via all the consortium’s suppliers and sub-suppliers until it reaches down to all the world’s supermarkets within ten days (maximum existing reserve period of food in transit). Governments would then be forced to re-base their nationalistic currencies transparently.