We already have electronic money - I can pay using electronic euros just fine. The point of creating Bitcoin was to make something different, a digital currency that couldn't be managed. What would be the point of creating a copy of existing currencies?

I'm completely ignorant about the future of Bitcoin, but the reason I like it is because it's an experiment. If nothing else, at least it might serve as evidence for mainstream theories if and when it fails.

In any case, it's not strictly true that Bitcoin's supply is fixed, you can have fractional-reserve banking.