Bitcoin = Wildcat banking

[freightjoe]

History repeats itself.

The increase in various crypto currencies (including Bitcoin) and the wildcat banking era in the US in the 1800s is almost exactly the same. Back then banks started issuing their own currencies with the result that many ended up losing their savings - and the inevitable result was that the state intervened and centralized the banking system.

https://www.frbatlanta.org/-/media/documents/filelegacydocs/ACFCE.pdf

The same will happen to cryptocurrencies.