I wrote a history paper in College (many many moons ago) about the Louisiana Card money. It is a fascinating subject for anyone who has never heard of it. Historians say that the colonial French card money was the first fiat in America. They actually wrote the money on playing cards because of the shortage of paper. This was the precursor of Bank Notes.
One could not use the card money for geographic trade so it was not practical for mercantilism. The Louisiana merchant could not buy New York goods with the cards. Card Money did not end well because of problems in redemption and trust. France allowed the practice because of money shortages, but eventually devalued the card money in redemption. Card money
I look at bitcoin as 21st century card money. I think that for some reason, the authorities want to see where this leads and that is why they have not totally shut this down. It's a test.
I ask myself also, if BTC fills some kind of money void like the card money performed for the French? It is true that the world is awash in liquidity, but money is becoming held in fewer and fewer hands. This will all be played out in the future and maybe we will have a clearer picture of BTC. For now, it is too complicated for my tastes and ultimately, what governments will allow taxes and fees to be paid in BTC?
With Card Money, you knew who was making the cards. The ordonnateurs in mid 18th century were such names as Descloseaux, Rochemore, Foucault, &
D'Abbadie. BTC is too cloaked in secrecy to be trusted. It stinks of the City of London IMO.
Maybe BTC TECHNOLOGY is a precursor to some new electronic global money system, but right now I don't see BTC (just like the Card Money) ending well at all.