Isnt it possible for the Federal government to just issue a new...

Isnt it possible for the Federal government to just issue a new currency, that competes with existing federal reserve notes?

So the US federal government says from this day forward trade can be settled in both and no longer allow new fed notes to be created?

I mean bitcoin came into existence just like that and people began to trade it and its basically money now

I think what would happen is the world would wean itself off the fed notes until nobody wants them anymore/they become worthless

This is a genuine question, I think it would be possible