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Countries compete with Bitcoin?

I’ve wondered the likelihood of the US and other countries simply minting their own deflationary crypto (ie, Bitcoin US)? Couldn’t the us just create a new coin with same value as current fiat (a permanent limit) and effectively go back on the “gold standard”? If countries did this…does it minimize Bitcoin value or will the decentralized aspect always be valuable hedge against a risk of government overstepping?
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