We need #Bitcoin because of gold.
Fiat currency can only exist when the money is so emcumbered that it requires digital IOUs to function.
Government currency is the symptom, gold is the root cause, and #Bitcoin is the solution.
Discussion
Interesting point of view. It did start with gold. Can't they do the same with bitcoin? Bitcoins IOUs are in circulation even now (exchanges, bitcoin etf's, custodial wallets, security services etc.). I understand that it is not necessary as with gold, because it's much easier to move bitcoin than gold, but it is doable and you can make money of it and have some control over people with it (which is the goal of big institutions and governments). If it can be done and it benefits someone, it will be done.
Yes. If we fail to make self-custody easy and universally preferred, then society will choose custodians again. FTX fractioned Bitcoin. Coinbase fractioned Bitcoin. The only solution is broad self custody such that businesses and savers never accept IOUs in place of real sats.