Bitcoin has seen incredible attention from commentators and the general public following spectacular price moves over the previous 12 months. In almost any discussion regarding Bitcoin as viable currency, attention inevitably turns towards its undeniably high volatility. This volatility, in contrast to more widely traded currency pairs, is often provided as evidence that Bitcoin is not and cannot be a currency. Such claims are often unsubstantiated and require closer inspection and data. Our preliminary analysis using major USD Bitcoin exchanges, shows a slight but statistically significant decline in volatility since USD trading began.
Classic monetary theory tells us that there are three main uses for money: a medium of exchange, a store of value and a unit of account. While all of these different uses require different attributes of the media used as money, a stable value is essential for the normal functioning of an economy. Indeed as the recent…
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