The mainstream adoption narrative as legitimacy<\/span><\/h4>\nThe mainstream adoption of cryptocurrency, in particular Bitcoin, has long been touted as proof of legitimacy for the cryptocurrency movement. Easily buying a cup of coffee with Bitcoin is widely regarded as a measure of success for the blockchain-based, non-government issued currency experiment that began with Satoshi\u2019s whitepaper.<\/span><\/p>\nOf course, for long-term holders, that goal has been accompanied by the belief that if crypto is widely used by consumers and equally widely accepted by merchants, the growing demand coupled with its fixed supply would force its price up. There is a certain level of prestige associated with seeing a trend before it becomes popularized (not to mention the obvious financial rewards for cashing in on it).<\/span><\/p>\nA shift to a currency not issued by a national government is not a fairy tale. The Euro was introduced to the European Union in 2002, and is now the official currency of 19 of its 27 member states, replacing the storied German Mark and French Franc within three months.<\/span><\/p>\nAnd the period of westward migration in the United States saw the rise of the Free Banking Era, in which private banks, municipalities, and even railroad companies and stores could issue currencies.\u00a0<\/span><\/p>\nEven countries who suffer from hyperinflation can revert to dollarization, as Zimbabwe did in 2008.<\/span><\/p>\nBut cryptocurrency is different for a number of reasons than any of those moves away from nationally printed fiat money. The Euro was imposed by Eurozone member states, giving citizens no option but to accept it. A dollarization program has the intention of stabilizing economies susceptible to free fall.\u00a0<\/span><\/p>\nThe American Frontier of the late 19th century was characterized by isolated communities for whom privately issued money made intuitive sense \u2014 until forcibly ended by the National Banking Acts.\u00a0<\/span><\/p>\nCryptocurrency is global in reach, being native to the Internet. As Jack Dorsey told Quartz:<\/span><\/p>\n\u201cIf you consider the internet to be the equivalent to a nation state, it will have a currency native to itself.\u201d<\/span><\/p><\/blockquote>\nCrypto was designed for the digital world in which we live, and mainstream adoption is a naturally aligned goal. But crypto purism has the potential to make a perfect enemy of the common good. So maybe it’s time for fiat and crypto to put aside some differences… and just get along?<\/span><\/p>\n