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Does Bitcoin Meet the Test for Being Money?

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Does Bitcoin Meet the Test for Being Money? Investor pro Doug Casey, founder of Casey Research, has changed his perspective on what Bitcoin is and is not Previously, Casey held a mixed view of cryptocurrencies, doubting if they had the basic principles that make a currency

However, after further research and consideration, Casey has affirmed his view that Bitcoin is, indeed, money This evaluation is based on five principles that make up a currency – durability, consistency, divisibility, convenience and usability Among these five criteria, Casey says, he has always believed that Bitcoin meets all of them nicely, with the exception of usability His concern previously was that Bitcoin had little real-world use cases Casey, however, has changed his mind, saying:

“The problem I had with Bitcoin to start with was the fifth point: does it have use value in itself, so you can’t get stuck holding the bag? And I said that was the problem with Bitcoin But I was wrong about that… The bottom line, Bitcoin passes the medium of exchange test for the moment and store of value test for the moment So you can definitely say it’s money—for the moment” Bitcoin destined to fail?

Casey’s comments reflect the opinions of other analysts, including the Economist, which echoed Casey’s comments, saying that Bitcoin is indeed money The article used tests for value based on the famed economist Charles Kindleberger, who wrote the quintessential analysis of bubbles in 1978 Casey, however, goes on to say that the reality is that Bitcoin can and will change He concludes by saying, “I have little confidence Bitcoin will be here say five years from now”

About the Author Dancake

Hey hey hey. It’s Ville and welcome to my blog. I am a tech enthusiast and always looking for ways to generate new income streams. At the moment Bitcoin cloud mining is one of the most promising ones and that’s why I created this website. Hope you like your stay. If you want a quick start guide about making passive income with cloud mining check out this guide.