A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are... For this reason, Yermack concludes that bitcoin looks more like a speculative vehicle than a real currency. The following chart shows bitcoin's volatility compared to four other fiat currencies ... 37 See “Is Bitcoin a real currency? An economic appraisal”, David Yermack, 2014. Moreover, see “Expedia to accept Bitcoin payments for hotel bookings”, . Chart 1 Market capitalisation of Bitcoin and money supply (M1) of EUR, USD, AUD and BOB; on 23 April 2014 for BTC and Q1 2014 for EUR, USD, AUD and BOB (EUR billions) 5,493 1,953 184 Market Bitcoin performs poorly as a unit of account and as a store of value." Why? Reason 1: excessive volatility: "The currency exhibits very high time series volatility (see chart below), which tends to undermine any useful role for Bitcoin as a unit of account. A currency should have only negligible volatility in order to be a reliable store of value." Bitcoin became a sensation in 2013, when the value of a single unit of the virtual currency rose from $13 to more than $1,000 and people began to use it for daily commerce (see chart on page 18).
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