I am one of the big players, a central bank of a main western economy, controlling the flow of money by lowering or raising the interest rates for banks. My main objective is to guarantee a stable currency. I have to balance influences that would inflate or deflate the worth of my money.
I have lots of colleagues in other countries with the same intentions. And yes, we would like to get rid of cash. That would increase my power, then I can do what I want. Sure, I have to deal with the huge amounts of debt my country has piled up. But I have a plan how to deal with this.
Then there are these crypto currencies outside the sphere of my influence. Bitcoin, Etherium, Ripple, NEM, Litecoin. Their volume already reached over 20 billion dollars. The people start to trust these coins more than my money? Are they crazy? If these currencies become popular, this will be the start of my end, for sure.
They have to get back in line. If they loose their trust in these crypto currencies, then they will come back home. And anything will be normal again. That’s why I started to buy these coins. Not one or two, but the most popular. I will just spend 100 billion dollar to create a huge demand and quotes will rise up in the skies. If I do this in a timely manner, people have the chance to jump on this train to reinforce the path.
Then, on a sunny day, when it feels right, I will extract all my capital back and the quotes will plunge to never foreseen downs. The crazy people will loose money they have earned over years. I will loose money I created within seconds. And they will loose trust in these coin forever. And I am back where I want to be.
Of course this story is pure fiction.