BITCOIN 1, BITCOIN 2, ....: AN EXPERIMENT IN PRIVATELY ISSUED OUTSIDE MONIES

Rodney J. Garratt · Neil Wallace

80 citations0/0 files storedEconomic Inquiry

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Economic theories and models Monetary Policy and Economic Impact Blockchain Technology Applications and Security

Abstract

The value of bitcoin depends upon self‐fulfilling beliefs that are hard to pin down. We demonstrate this for the case where bitcoin is the only form of money in the economy and then generalize the message to the case of multiple bitcoin clones and/or a competing fiat currency. Some aspects of the indeterminacy we describe would no longer hold if bitcoin were an interest‐bearing object. (JEL D50, E42)

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1958An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money 2005A Unified Framework for Monetary Theory and Policy Analysis 1983Do Sunspots Matter?1961A Program for Monetary Stability.1981On the Indeterminacy of Equilibrium Exchange Rates 1974The Competitive Supply of Money 1979Money and the Price Level Under the Gold Standard 2016The Curse of Cash

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