Bitcoin represents a fascinating technological innovation which might have a number of potential applications. In contrast to the aspirations of some of its supporters, rivaling existing money is not among its likely uses. This results from an underappreciation in Bitcoin’s design of what are important features of money, argues Beat Weber, economist at the Austrian Central Bank.
Beat Weber is an economist employed at Oesterreichische Nationalbank, the central bank of Austria. He is co-editor of "The Political Economy of Financial Regulation“ (Edward Elgar) and author of several articles on related subjects. His recent research focuses on a critical engagement with all kinds of monetary reform proposals. The views expressed in this comment are his own and do not necessarily represent the views of his employer.