Here’s how cryptocurrencies could replace the US dollar
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Ever since Bitcoin started to capture the public imagination, I have downplayed the idea that it could ever represent a serious challenge to the US dollar. I disagree with the goldbugs who believe that simply fixing the supply of money is the best monetary policy, that inflation is theft, etc. Rather, I have argued that Bitcoin is a good medium of exchange despite being a bad unit of account and a risky store of value. These three functions of money tend to go together for reasons that Ludwig von Mises outlined over a century ago in
Here’s how cryptocurrencies could replace the US dollar
Here’s how cryptocurrencies could replace the…
Here’s how cryptocurrencies could replace the US dollar
Ever since Bitcoin started to capture the public imagination, I have downplayed the idea that it could ever represent a serious challenge to the US dollar. I disagree with the goldbugs who believe that simply fixing the supply of money is the best monetary policy, that inflation is theft, etc. Rather, I have argued that Bitcoin is a good medium of exchange despite being a bad unit of account and a risky store of value. These three functions of money tend to go together for reasons that Ludwig von Mises outlined over a century ago in