“Zero Money”: First Principles Thinking About Monetary Value

Change the Money, Change the World (19)

Part 5(C) — Adaptation to Bitcoin with digital fiat

With respect to the current “Keynesian” monetary paradigm, investment in Bitcoin is no different from any other asset used as a store of value. It is denominated in the reserve currency for which it is sold and bought. It is used as a medium of exchange within its own peer to peer network bubble, but actually that exchange is existing inside the vastly larger dollar bubble. By “dollar bubble” I mean all fiat currency. In this part of the essay, focus…