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Can BTC Ever Be Money?
An examination of the Bitcoin phenomenon is timely, given that last Monday there was a widespread cryptocurrency $1.5bn crash, with Bitcoin losing nearly 3% in one day. Tellingly, this shake-out occurred at the same time as gold and silver rose strongly, tarnishing its monetary credentials. Bitcoin is said to be a sound money alternative to debasing fiat currencies. But enthusiasts fail to understand the role of law, credit, and why stability of value is a prerequisite for a medium of exchange. This article ignores many Bitcoin issues, concentrating on monetary and legal practicalities. The key issue is whether ... (full story)