02 Apr '13, 12am

Bitcoin Is A Bad Currency But It Might Be A Good Platform For Financial Innovation

Tim Worstall is skeptical about the recent boom in Bitcoin prices, which soared above $100 on Monday. Worstall is “reasonably certain that it will all turn out to be a bust in the end”: Look around at the currency stocks in other currencies. Then have a look at the economic activity that they support. The US money supply supports the $15 trillion of the US GDP for example. And that GDP is a significant multiple of the monetary base of $600 billion or so. The same holds true of other currencies around the world (well, obviously not Zimbabwe). With Bitcoin it is very different indeed. Transaction value (which is not at all the same as GDP, transaction value will be vastly larger than GDP) is much lower for Bitcoin than the outstanding value of the currency is. That might make it a great speculative toy but it’s most certainly not making it a useful currency. The obvious prob...

Full article: http://www.forbes.com/sites/timothylee/2013/04/01/bitcoin...

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