The Future of Money

When people do spontaneously switch money, if we look at dollarization from the bottom up, it seems to take an inflation rate of, I don't know, 20% before you see a lot of spontaneous dollarization. It's not in any one person's interest to go off that standard and adopt something else that increases their transaction costs every time they want to make a transaction. There are some pluses to having a monetary rule that is very strict, which is what Bitcoin has. But I think it's the wrong rules, this completely fixed quantity of money. So it would be nice to be able to combine a strict rule with an elastic supply. That's the system we have now.