29 Dec '13, 2pm

Paul Krugman on Bitcoin, It's Not A Stable Store Of Value

To give an extreme example, just to illustrate the point. Say that Bitcoin prices were rising 10% a day. They’ve been doing this for some time and are expected to continue to do so. Imagine that all 21 million that will ever be mined have been and the global economy is still growing requiring more money to grease the wheels of commerce. MV = PQ of course, the quantity of money times the velocity of its circulation equals prices times quantity demanded of goods. M is now set in stone, Q is increasing so either P or V must change. But we’ve already said that given a fixed M that we expect the value of Bitcoin to keep on rising: therefore P must fall. We’ve got deflation. And of course in a deflationary environment why would people increase the rapidity with which they spend or invest money? For with deflation it’s going to be worth more tomorrow than it is today without our ...

Full article: http://www.forbes.com/sites/timworstall/2013/12/29/paul-k...

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