George Selgin on Bitcoin and the Future of CBDCs
Macro Musings with David Beckworth
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Understanding Synthetic Commodity Money
This chapter explores the classifications of money, with a focus on Bitcoin as a unique form of synthetic commodity money. It discusses the characteristics that define fiat and commodity money, highlighting Bitcoin's limited supply and absence of non-monetary use. The implications of Bitcoin's categorization for economic stability, trust, and investment are examined, alongside contrasting views from Milton Friedman and Friedrich Hayek.
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