Is bitcoin money? And what that means

【Author】 Hazlett, Peter K.; Luther, William J.

【Source】QUARTERLY REVIEW OF ECONOMICS AND FINANCE

【影响因子】4.324

【Abstract】In a recent article, Yermack (2015) argues that bitcoin is not money because it functions poorly as a medium of exchange, unit of account, and store of value. We offer a more conventional view. We maintain that the standard approach classifies an item as money if and only if it functions as a commonly-accepted medium of exchange. Then, we show that the demand for bitcoin is comparable to the demand for many government-issued monies. Finally, we argue that bitcoin is money-though perhaps only over a relatively small domain at present. (C) 2019 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.

【Keywords】Bitcoin; Medium of exchange; Money; Store of value; Unit of account

【发表时间】2020 AUG

【收录时间】2022-01-02

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