Over the past ten years, fervent supporters of digital currency have engaged in intense debates: Is bitcoin (BTC) designed as peer-to-peer electronic cash as illustrated in Satoshi’s groundbreaking white paper, or does it serve as a digital store of value, similar to gold? Additionally, a central question emerges regarding the primary role of money: should its capacity as a medium of exchange take precedence over its value preservation attributes? The following Learning and Insights explainer delves into the Austrian school of economics, shining a spotlight on Carl Menger’s “On the Origins of Money.”
From Spontaneous Social Institution to Currency: Menger’s Insight Into Money’s Evolution
Rather than debating whether bitcoin (BTC) should function as a medium of exchange (MoE) or a store of value (SoV), this editorial aims to explore the primary consideration when something transitions into a monetary unit. In his book “On the Origins of Money,” Carl Menger, the father of
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