That's not what happens. Trump uses this as a wartime justification to issue massive corona-scale subsidies and tax credits to Bitcoin-backed business, and declares it a second legal tender. This ensures that the US accumulates enough of it that Iran and North Korea's petty extortion efforts are negligible compared to the benefits we gain from early adoption.

It bankrupts USD in the process, but that's primarily a blue state, urban areas problem. Patriots will get the message.

It also guarantees that the PRC has to abandon its own fiat as well to compete economically, which they don't want to do, so they'll suffer the same collapse as our blue zones. With Bitcoin as the new world reserve currency, laissez-faire capitalists of all nations restore order in the ensuing chaos and usher in a new civilization capable of space travel.

Doomers will never recover.