More specifically, I’m looking forward to governments banning crypto to fiat conversions.

Ban

Most people’s interaction with crypto has been NFTs, DeFi or just trading off of a centralized exchange. Ofcourse there is no inherent value to most of the things that are getting traded. Is a cool cat worth a $100 or $10,000? The price is purely memetic - so the numbers fluctuating shouldn’t come as a surprise.

There is a lot of fluctuation in prices and rug pulls (fraud) because the prices are purely memetic. So it is natural that the public is sceptical and the governments constantly talking about regulating heavily or banning crypto all together.

Intrinsic value

But there is one place where there is intrinsic value for currencies, like eth. That is, paying for computation on a distributed virtual machine. How valuable is that compute - that needs to be denominated in another currency like USD. But the value of the compute in ETH is much more stable.

Digital only economy

The eth gets created on the ethereum ecosystem by mining. This currency can now be expensed to pay for digital services like storage, compute etc by builders and service providers. We’re at that inflection point where the number of places to expense a crypto currency is coming of age. This includes utility like storage and compute, but also includes luxury like NFTs.

The entire economy, from currency creation to expensing to trade, can continue to exist without ever having to touch an off-ramp. Without ever touching fiat.

Accelerate

If the crypto to fiat conversions are put to a ban, which Governments can technically control - it will accelerate the digital only economy. This is an economy that the government can neither tamper, nor do I see a reason for the Government to be worried - because no one ever loses USD. There will still be rug pulls, but atleast it will be self contained within the ethereum ecosystem.

With this ban acting as forcing function, we’ll be able to accelerate a digital economy as a parallel economy to existing national economies. An economy for a nation that is purely digital.

An economy - not just a currency - designed for the internet.