Govt doesn’t like to take no for an answer. If there any decent private currencies Biden will be tempted to harass them until they go out of business. Govt. knows that people need a place to invest as cash loses value.
That is exactly why the government is trying to suppress cryptocurrencies. Those are private and in the case of Bitcoin, decentralized such that nobody can control it. There is also a finite amount of it that can ever exist so no government can inflate the value of it.
No wonder they hate it.