Can the Dollar Survive Both Cryptocurrencies and China?

In his book Denationalisation of Money, F.A. Hayek argued that governments have never devoted their power to providing proper money over time. They “have refrained from grossly abusing it only when they were under such a discipline as the gold standard imposed.” The gold backing of the US dollar as the global reserve currency was lifted in the early 1970s, and paper currencies, so-called fiat currencies, have since become the norm. Prof. Dr. Gunther Schnabl and Alexander Herborn in the following article.