Published on Thursday, September 23, 2021

Mexico | Cryptocurrencies: ¿will bitcoin be money?

This month El Salvador recognized bitcoin as legal tender. ¿Could bitcoin be a currency in which everyday transactions such as going to the supermarket, paying rent, or making investments are carried out?

Key points

  • Key points:
  • Economists define money as an instrument that fulfills three fundamental functions in an economy: means of payment, unit of account and store of value
  • Bitcoin does not fulfill at least two of these three functions due to its high volatility
  • Although its technological characteristics could make it possible to use it as a means of payment, its level of acceptance is very limited, in part because it does not fulfill the first two functions of money

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