U.S. dollars are backed by the Government's power to tax.

It will be interesting to see how Bitcoin (and other digital assets) fare during a major recession - which really has not happened since 2008 when digital assets were not as widespread.

I suspect that most digital asset holders will head for the exits back into U.S. dollars. My prediction is that will be the end for most digital assets that are not backed by some physical asset of value (say, precious metals).