An Analysis of El Salvador's Failed Bitcoin Experiment (PDF)
(Sprache: Englisch)
Seminar paper from the year 2023 in the subject Economics - Monetary theory and policy, grade: 1,3, University of Münster, language: English, abstract: This paper explores Bitcoin's potential as an alternative to a central bank-backed currency by analysing...
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Seminar paper from the year 2023 in the subject Economics - Monetary theory and policy, grade: 1,3, University of Münster, language: English, abstract: This paper explores Bitcoin's potential as an alternative to a central bank-backed currency by analysing El Salvador's recent adoption of it as a legal tender. Such monetary experiments are rare, providing researchers with a unique possibility to identify the macroeconomic effects of monetary regime changes. I find that a medium of exchange is not simply created by a government adopting a new legal tender but by the broad acceptance of it by the populace, which occurs due to substantial relative benefits of the new currency to the status quo. In particular, I am going to argue that El Salvador's Bitcoin experiment failed, because the people of El Salvador did not perceive the need for a new currency and because Bitcoin does not fulfil any of the traditional functions of a currency.
Bibliographische Angaben
- Autor: Niklas Humann
- 2023, 1. Auflage, 24 Seiten, Englisch
- Verlag: GRIN Verlag
- ISBN-10: 3346821250
- ISBN-13: 9783346821256
- Erscheinungsdatum: 02.03.2023
Abhängig von Bildschirmgröße und eingestellter Schriftgröße kann die Seitenzahl auf Ihrem Lesegerät variieren.
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- Größe: 0.48 MB
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Englisch
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