The Emergence Of Bitcoin Through The Lens Of Austrian Economics
While many Austrian economists disagree on various topics regarding the origin of money, the most notable and agreed-upon theory on the origin of money is Carl Menger’s theory of salability. Bitcoin arose in a world that was long past the barter phase. Since bitcoin was never used for barter, it did not face the problems that barter economies had, namely the problem of double coincidence of wants. While it might not be helpful to compare the emergence of bitcoin to the emergence of money in a barter economy, it is still the same market dynamics described by Carl Menger that dictate....
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