Is a loss of confidence in traditional currencies going to spawn a multitude of “private currencies”?

The last few years have seen the appearance of “ p rivate” currencies: Bitcoin, Ethereum, and now Facebook’s Libra currency. The interesting point is not blockchain technology: one day there will be crypto-euros and crypto-dollars trad ed on the blockchain. The important point is that the supply of the currency is not controlled by a public central bank. There may be large differences between the different private currencies from this viewpoint: for Bitcoin and Ether, the currency’s supply is an exogenous process and tends to become constant; the supply of Libra , meanwhile, is potentially infinite, as Libra can be obtained simply by purchas ing it in exchange for another currency. The question is whether these private currencies are initiatives on the part of private institutions aiming to make a profit, or whether their creation results from a loss of confidence in traditional currencies due to excessive money creation over the past 10 years. It will be a worry if the second explanation is the right one.