From Commodity to Fiat and Now to Crypto: What Does History Tell Us?
NBER Working Paper No. 25426
---- Acknowledgments ----
Revision of a paper prepared for the Digital Currency Economics and Policy Workshop of National University of Singapore, November 2018. For comments I am grateful to Nadar Al-Jaji, Randall Morck and David Wen. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.