Will cryptocurrencies boost US competitiveness in the global economy?

As a keen observer of the financial landscape, I must pose the question: Will cryptocurrencies truly boost the United States' competitiveness in the global economy? The rise of digital currencies has sparked a debate among policymakers, economists, and tech enthusiasts alike. On one hand, proponents argue that cryptocurrencies could provide a more efficient, secure, and decentralized financial system, potentially giving the US an edge in international trade and financial transactions. However, critics counter that the volatility, lack of regulation, and potential for misuse pose significant risks to both individual investors and the broader economy. Given the complexity of the issue, I seek to understand: how could cryptocurrencies strengthen the US's position in the global economy, and what challenges must be overcome to realize this potential?