Valuing cryptocurrencies: Three easy pieces
Michael Burda ()
No 2021-011, IRTG 1792 Discussion Papers from Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series"
This paper surveys the capacity of simple macroeconomic models - 'three easy pieces' - to account for persistent and positive valuations of privately issued assets based on the blockchain. Each of these three models - transactions demand for a means of payment, consumption-based capital asset pricing, and search and matching - highlights important aspects of digital payments. The mutual interference of these jointly produced features may impede widespread use of cryptocurrencies until technological innovations have been developed to separate them.
JEL-codes: C00 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cwa, nep-ore and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:irtgdp:2021011
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