What Would Happen if the U.S. Government Issued an Official Cryptocurrency?

Abstract

In 2009, the world was introduced to a new monetary concept that would dramatically change the way individuals interacted with finance with the release of Bitcoin, the first successful cryptocurrency. Over time, a vast array of these cryptocurrencies have continued to arise, gaining significant transactions and eliciting uncertainty regarding how these new currencies will affect traditional currencies, especially the United States dollar which is currently the international reserve currency. Given the monetary unrest caused by the rise of these digital currencies, which pose an alleged threat to socioeconomic stability and international trade, this research paper examines what could happen to the value of the dollar if the US Government were to issue an official cryptocurrency.