About the only thing you can do more easily with bitcoin is buy other cryptos and send it across borders - sometimes.
I would also predict that the failure here would finally get people to stop thinking it's a currency. But I doubt it.
From the bill:
- Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador
- That in order to mitigate the negative impact from central banks, it becomes necessary to authorize circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria
A bank account requires all kinds of state sanctioned proof which subjects you to authoritarian monitoring, which is by desing.
Who, in their sane mind, would buy a 2$ beer in bitcoin and pay 10$ in transaction costs ? It's crazy
What are the exceptions?
The loose monetary policy might cause higher than desired inflation and the Fed might lose control of it. But we said that in 2008 and it didn't happen. We might be wrong again.
They explained it fully here: https://fredblog.stlouisfed.org/2021/01/whats-behind-the-rec...
Sharing the graph without the context is misleading.
There's so much confusion and cargo-culting around money, it would serve as well to use accurate language. The money was created, but not printed.
This is significant because "printing" evokes a picture of the money being distributed to people who then spend it, which is not quite the case here.
Seriously, this is one of the Fed's primary tasks, to control inflation through monetary policy. It's sad how many people on HN fail to understand this.
https://seekingalpha.com/article/4396194-why-m1-money-supply...
From your own link we can see-
“In late February and early March of 2020, the Fed cut its policy interest rate dramatically to help ease credit conditions during the COVID-19 crisis. The resulting acceleration in the supply of M1 can be understood largely as banks accommodating an increase in people's demand for money.”
This is “real” money that banks needed access to for their customers in unprecedented amounts. The problem is that it was created out of nothing.