While cryptocurrencies can claim a free-market origin, and their creators might think for that reason they are superior to state money, they fail the regression test and so cannot claim to be catallactic…
For now, the development of this bubble is in the hands of a speculating public, who periodically see manias as a failsafe way to make money. But the answer to the question posed in this article’s headline is that cryptocurrencies are not money and never will be.
Eulogy made by: Alasdair Macleod
