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Week six covers money, banking and the mechanics of the Federal Reserve. The three functions of money include: medium of exchange, unit of account, and
Week six covers money, banking and the mechanics of the Federal Reserve. The three functions of money include: medium of exchange, unit of account, and store of value. Cryptocurrencies have been touted as potential replacements for the monies of modern industrialized nations. The history and economics of bitcoin is explained in the "Crypto: will the bitcoin dream succeed?" video produced by The Economist. Answer the following important macroeconomic question: According to the video, is bitcoin money today and/or will bitcoin be money in the future? Will or should bitcoin replace traditional fiat currency? Consider the three functions of money when answering the
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