NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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From Commodity to Fiat and Now to Crypto: What Does History Tell Us?

Barry Eichengreen

NBER Working Paper No. 25426
Issued in January 2019

---- 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.

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