Is Bitcoin a Real Currency? An Economic Appraisal

@article{Yermack2013IsB,
  title={Is Bitcoin a Real Currency? An Economic Appraisal},
  author={D. Yermack},
  journal={Econometric Modeling: International Financial Markets - Foreign Exchange eJournal},
  year={2013}
}
  • D. Yermack
  • Published 2013
  • Business
  • Econometric Modeling: International Financial Markets - Foreign Exchange eJournal
A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely fails to satisfy these criteria. Bitcoin has achieved only scant consumer transaction volume, with an average well below one daily transaction for the few merchants who accept it. Its volatility is greatly higher than the volatilities of widely used currencies, imposing large short-term risk upon users. Bitcoin's daily exchange rates exhibit virtually zero correlation with widely… Expand
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Interview with Fred Ersham
  • 2008
(gold) 20 logarithmic scale of the bitcoin-dollar exchange rate, recorded daily at midnight on the Mt. Gox Exchange in Japan from
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