New Books in Economics Vijay Selvam, "Principles of Bitcoin: Technology, Economics, Politics, and Philosophy" (Columbia UP, 2025)
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Aug 11, 2025 Vijay Selvam, a corporate lawyer and financial services expert, shares insights from his book on Bitcoin’s revolutionary potential. He discusses Bitcoin's multifaceted nature and its implications for technology, economics, and politics. Selvam highlights Bitcoin's role in challenging traditional monetary systems, advocating for understanding its long-term value despite short-term volatility. He also examines its capacity to empower individuals and provide solutions for the unbanked, positioning Bitcoin as a transformative alternative in the financial landscape.
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Digital Bearer Asset Breakthrough
- Bitcoin enabled the creation of a digital bearer asset for the first time in history.
- That removes the need for intermediaries to prevent duplication of digital value.
Money Qualities And Bitcoin's Edge
- Bitcoin combines scarcity, portability, divisibility, fungibility, and verifiability into one asset.
- Its 21 million cap and digital design overcome gold's historical constraints.
Path-Dependent Network Moat
- Bitcoin's value rests on path-dependent network effects: nodes, miners, and global capital deployed over 15 years.
- That large, distributed infrastructure makes true replication practically impossible.
