In the short-term, no.
In the mid-term, to a small extent.
In the long-term, 10-12 years from now, to about 5 % - 7 %.
Why?
Because using and producing Bitcoin is cheaper. It might not seem that way given the price volatility of Bitcoin and the enormous computing resources required to produce Bitcoin, but the Bitcoin's production process will get only more efficient and the volatility functions to the upside, as well.
The US government has done a lot to undermine the confidence the public has in publicly elected officials. Bitcoin is almost untraceable and is difficult to be expropriated by a government.
First, the world's richest are experimenting, diversifying 2 % to 5 % of their assets by investing in Bitcoin. But this process gathers pace, becomes more popular, the percentages will increase, trust will slowly build and the general public will start to invest in crypto.
Cryptocurrencies are here to stay, barring a concerted effort to stifle them by the world's governments.
But Bitcoin is a manifestation of freedom. And history has proven so far it is very difficult to choke off freedom. Because freedom has no physical form, just like Bitcoin.
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