The fed needs to convert US debt into something, printing more dollars will only create more inflation. Converting US debt into FEDCOIN and making other electronic money illegal fits the bill! (Pun intended)
Has side benefits of tracking and taxing every transaction.
Paper money will still exist but will be like travelers checks, one use only.
Illegal drug trade and other cash operations will be more difficult barter transactions.
“Converting US debt into FEDCOIN”
And so how will creating 30 trillion of new currency not be inflationary?
Had that conversation with someone I thought had some common sense. He was going on about how great Bitcoin was and how he was getting in to it. I said, "What if the Feds outlaw all crypto except FedCoin?" He went on about how the Feds couldn't trace it, blah, blah, blah. I asked again, and he continued. I finally said, "You know as well as I do, when the Feds outlaw all non-Fed crypto, and it looks like they eventually will, you won't be involved with it because it's gonna be illegal." His balloon deflated and he eventually said, "Well, yeah."
Crypto may as well be Pokemon cards for all the real value it holds. It's value lies in what someone else is willing to pay for it. If/when it becomes illegal to use any non-Fed approved crypto, the value of those illegal types will sky rocket for anyone willing to become a criminal. For most, the risk simply won't be worth it.
That's my how ever many Troy ounces of silver 2 pennies can buy.