If the government supports bitcoin instead of the existing currency.

[Twentyonepaylots]

I think it is very difficult for states to support bitcoin. What could be the reason for supporting Bitcoin? The states that will support Bitcoin must have a very large stock of bitcoin. Bitcoin economies can turn upside down.

Indeed, it seems to be too farfetched for local government at this point in time to support bitcoin. But for the sake of argument, let's say bitcoin is backed by local government and people are urged to use it. More people garnered to use the coin will cause a sudden increase on bitcoin's value. And since it is supported, fewer people leave bitcoin, which could potentially cause a lower volatility rate.

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[Blackdeath]

In my own personal opinion, if the government will support bitcoin instead of fiat currency there is a chance that everybody in this world will be now using bitcoin or other cryptocurrency as a payment method in exchange for goods and services. But i think it would not happen because bitcoin will remain decentralized that it can't be controlled and be supported by the government.

[iamsheikhadil]

It's unfair to say both fiat or crypto lacking total real value as they do hold. For fiat coins it's the metal, for notes, it's the paper and for crypto, it's the blockchain technology. Hence, I think if government legalize crypto it would be better than the current fiat systems.