Is Bitcoin Money? (And What that Means)

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

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Year of publication:	2019
Authors:	Hazlett, Peter K.
Other Persons:	Luther, William J. (contributor)
Publisher:	[2019]: [S.l.] : SSRN
Subject:	Elektronisches Zahlungsmittel \| Electronic payment \| Geld \| Money \| Virtuelle Währung \| Virtual currency

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