Can Bitcoin Become a Major Currency?
William J. Luther
Lawrence H. White
George Mason University - Department of Economics
June 5, 2014
GMU Working Paper in Economics No. 14-17
At present, bitcoin is held mostly as a speculative vehicle, little used to pay for goods and services. Its value has been unstable, which impedes bitcoin’s wider use as a payment medium. We explain why the value of bitcoin has been so unstable. Then, we discuss entrepreneurial efforts that might enable bitcoin to become a more commonly accepted payment medium.
Number of Pages in PDF File: 9
Keywords: Bitcoin, Medium of Exchange, Store of Value, Unit of Account
JEL Classification: E40, E41, E42
Date posted: June 6, 2014 ; Last revised: July 21, 2014
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