It does have some good information to think about. Good point about stable-coins. At least with stable-coins like HBD it is possible to earn 12% APR to offset devaluation due to inflation.
Maybe sovereign currencies don't have to be backed with BTC, 1 for 1. For example, they don't have to have one MadeUpCurrency backed by one satoshi. Instead, they can have reserves in BTC and prove what they have through public ledger and the value of the currency they create/print will be determined by the market. This way there can be a fair competition among sovereign currencies.