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EconomicPolicyJournal.com asked a bunch of economists whether Bitcoin was money. The vast majority discussed the “medium of exchange.” One wacko mentioned the medium of account:

Scott Sumner: I would say “no” or at least “not yet.” The most important aspect of money is its role as the medium of account, or numeraire. As long as most wages and prices are denominated in dollars rather than bitcoins, then it is not money. Bitcoins will be money if and when the CPI is reported in terms of bitcoin prices.

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This entry was posted on October 07th, 2013 and is filed under Monetary Theory. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or Trackback from your own site.



