functions of money. So-called stable coins are intended to bridge this gap, but whether they can be successfully scaled up and …

In a recent article, Yermack (2015) argues that bitcoin is not money because it functions poorly as a medium of … for bitcoin is comparable to the demand for many government-issued monies. Finally, we argue that bitcoin is money … classifies an item as money if and only if it functions as a commonly-accepted medium of exchange. Then, we show that the demand …

“Bitcoin is an innovative payment network and new kind of money.” Others, like the U.S. Internal Revenue Service, take the … position that Bitcoin is a type of commodity or property. Whether Bitcoin is a new form of virtual money or simply an … electronic commodity requires an investigation into what constitutes money, and an assessment of whether Bitcoin comfortably fits …