Sunday, June 14, 2020

George Selgin: Bitcoin is Not Money

George Selgin,  Director of the Cato Institute's Center for Monetary and Financial Alternatives, tweets:
It can't be said often enough: whatever else may or may not be true about bitcoin, so long as it isn't widely adopted _as a means of payment_, it's neither "money" nor "currency."
George nails it here.


1 comment:

  1. Agreed. It has only some of the characteristics of money, most importantly missing the quality of being widely accepted as payment. So what? Almost every other thing one might buy as an investment lacks that quality and other qualities that money has. Stop beating the "Bitcoin is not money" horse. It's dead.

    Let's hear more about whether the fixed supply of Bitcoin along with many other good qualities (easily transferred, easily concealed, and the like) could bring new interest in an inflationary world, alongside gold, silver, platinum, etc.