I mean, it kinds seems inevitable to me. Books has become e-books. Cash is becoming digital transfers. China has done it. The west is mostly doing card-swipes. One day, that transition will be complete, and cash would be phased out.
What happens then? Think like the power outage in Spain recently. Some people had cash. But in 20-40 years. There might not even be any cash in existence. What then?
What if, instead of a few hours, its a few days? Or weeks?
I guess riots break out all around the world?
(Seriously, has none of the politicians ever thought about this? Where are the backups? Are we just going full "YOLO" on the reliance on the power grid?)
To be fair, if microsoft didnt automatically backup the keys, a simple BIOS/UEFI setting change, or windows update could trip the Secure Boot settings, which would clear all the TPM keys from the system, which means the sysyem would prompt you for the recovery key. I think people value being able retain access to their data over encryption. And to Microsoft's credit, its not exactly a secret, they literally tell you that the key will be uploaded.