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Can Bitcoin Become Money? Its Money Functions And The Regression Theorem

Author

Listed:
  • Dominik Stroukal

    (University of Economics, Prague)

Abstract

Bitcoin as a payment system indisputably offers an advantage over the government currencies in transaction time and costs. On the other hand the moneyness of Bitcoin itself is questioned. This paper analyzes Bitcoin from the Austrian perspective and compares the qualities of Bitcoin with qualities of good money in order to find out whether Bitcoin could serve as money. The examined properties are portability, storability, divisibility, recognizability, homogeneity and scarcity. Moreover it examines the consistency of Bitcoin emergence as a medium of exchange with Mises? regression theorem and identifies the non-monetary value of Bitcoin. The result of this theoretical analysis shows that Bitcoin?s properties can facilitate the functions of money.

Suggested Citation

  • Dominik Stroukal, 2018. "Can Bitcoin Become Money? Its Money Functions And The Regression Theorem," International Journal of Business and Management, International Institute of Social and Economic Sciences, vol. 6(1), pages 36-53, May.
    • Handle: RePEc:sek:jijobm:v:6:y:2018:i:1:p:36-53
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    Citations

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    Cited by:

    1. José Alves & João Quental Gonçalves, 2022. "How Money relates to value? An empirical examination on Gold, Silver and Bitcoin," Working Papers REM 2022/0222, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Kim, Minseong, 2021. "A psychological approach to Bitcoin usage behavior in the era of COVID-19: Focusing on the role of attitudes toward money," Journal of Retailing and Consumer Services, Elsevier, vol. 62(C).

    More about this item

    Keywords

    Bitcoin; cryptocurrency; regression theory; money; money functions;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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