How much cash is in crypto?

Beat Weber ()
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Beat Weber: Oesterreichische Nationalbank

Monetary Policy & the Economy, 2022, issue Q1-Q2/22, 75-90

Abstract: In 2008, an anonymous white paper introduced “bitcoin.” Its ideas triggered and inspired the emergence of thousands of crypto assets in its wake. Putting key terms used in this paper to a close reading reveals that terms like “electronic cash,” “peer-to-peer” and “inflation” are used in a different sense than is customary in economic debate. Despite claims put forth in the white paper, transferring bitcoins is neither “peer-to-peer” in the sense of a non-intermediated transfer between two individuals nor does bitcoin offer technical protection against losses in value and is therefore not “inflation free.” Last but not least, bitcoin is not a carrier of stable value that is generally accepted like cash.

Keywords: crypto assets; cash (search for similar items in EconPapers)
JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
Date: 2022
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