What are the implications of mainstream economics for bitcoin? In his March 2024 paper entitled "Bitcoin: What Does Mainstream Economics Have to Say?", Joshua Hendrickson tackles the following questions:
- Why does money exist and what role does it play in society? How does bitcoin fit our understanding of this role?
- What is bitcoin worth?
- Is bitcoin (or can bitcoin be) a sound form of money?
- Should governments adopt bitcoin?
His goal is to decipher how economics (not any particular economist) answer these questions. Applying mainstream economic theory, he concludes that:
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