At this point, Bitcoin isn’t widely spent due to Gresham’s law, which states that bad money drives out good money. What this means is that, when presented with two kinds of currency, individuals will be inclined to spend the inferior one and to hoard the superior one. Users of Bitcoin prefer to spend fiat currencies, as they have little faith in their long-term survival. They hold (or Not enough of the right sort of money – Gresham’s Law, MMT and Bitcoin (BTC) In an interview with Venture Coinist Hayes lays out the now familiar assumptions of many in the crypto world, which it might be said is basically a reworking of the Gresham’s Law maxim that bad money drives out good. There are lots of issues that arise from Gresham’s law’s application to crypto vis a vis ... Gresham’s law ruled colonial money as it rules all currencies. The law states: if two types of money are valued the same by law even though the market values of one is higher than the other ... Can cryptocurrencies like bitcoin wreck central banking? “The short answer is yes,” wrote Pierpaolo Benigno, a professor of economics at Rome’s Libera Università Internazionale degli Studi Sociali (LUISS), in an article published on April 26, 2019.. On August 19, 2019, Benigno and two other economists, Linda M. Schilling and Harald Uhlig, published a paper expanding on this short answer ... I recently read about Gresham's law, and it seemed kind of counterintuitive at first, but it makes sense. However does this mean that bitcoin will be driven out of circulation, if more people hold it because its commodity value is more than its 'face' value? Is this a good or bad thing? And would this be likely... Instead of saying 1 bitcoin is so many dollars people will start saying 1 bitcoin is the value of a new toyota fortuner. You get the idea. Greshams law will happen and is already happening. The end result of greshams law is an economy that prices goods in the good money because no one wants to hold the bad money. #Bitcoin dangerously close to the 200 DMA. Will support hold? Why Bitcoin’s settlement is revolutionary compared to fiat or gold, Square first time BTC buyers double, Fed posts job for crypto researcher, $55k BTC by 2020, crypto news, and more!
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