30 Sep '13, 12pm

Could Bitcoin kill Fed monetary policy? by @jp_koning

Could Bitcoin kill Fed monetary policy? by @jp_koning

While bitcoin could one day kill most of the roles that the Fed plays, monetary policy will probably stay intact. The reason for this, as I'll show, is that the no matter what happens to all its other functions, the Fed will probably continue to define the economy's unit of account. Let's start in the present day US. Most modern transactions involve transfers of dollar banknotes, reserves, or dollar-denominated bank deposits. A small minority of transactions are made with bitcoin. But these transactions are rarely priced in terms of bitcoin. Rather, a merchant's website will typically display prices in terms of dollars, and then compute the amount of bitcoin that a customer must fork over by referring to the current dollar-to-bitcoin exchange rate. The dollar is very much the the unit of account in the US, not bitcoin. The first of the Fed's functions to be killed off by b...

Full article: http://jpkoning.blogspot.com/2013/09/could-bitcoin-kill-f...

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