The Federal Reserve in the USA has a huge influence on the national economy. Some analytics expressed their fear that the raise and the growth in popularity of cryptocurrency would greatly influence the monetary policy of the Federal Reserve of the USA, and this, in turn, would influence the economy of the country.
The President of the Federal Reserve Patrick Harker has a different opinion though. He believes that the popularity of cryptocurrency, including the most popular one, bitcoin, is temporary, till some financial or economic crises comes. Then, people would turn back to the real money, as they are state backed and are, well, real.
The cryptocurrency is bases, he says, on the trust of citizens in sovereign states. Though, when something extraordinary happens, like, say, Mt.Gox, those events show that cryptocurrency isn’t so reliable and independent.
Anyway, when bad things happen, as practice shows, people are turning back to government, even in cases with cryptocurrency. Hence, cryptocurrency is good but state money is better.