I believe this will be the case as well. A guaranteed income isn't always bad, Alaska has something like that with oil money, but with the people currently in power it will be nothing good.

Anything people have in cash savings will be heavily devalued, and most people will be entirely reliant on the government as an income source. This would likely come into play with a new "digital currency" as well, which wouldn't have some of the benefits that current cryptocurrencies have.