Money 2.0 Stuff: Mint the (Bit)coin

One way to think about Bitcoin is as a natively digital currency, hard money, sound money, neo-gold, sure. But Bitcoin is also much more than that: it’s a micro-economy. Miners provide a service — bundling transactions into blocks — and in return receive a form of payment — a combination of block rewards and transaction fees. Since 2009, Bitcoin’s economy has had its ups and downs and sideways’, but broadly it has trended up and to the right. 

Coronavirus hasn’t been too kind to economies and so money printer go brrrr. Unprecedented fiscal stimulus, aggressively loose monetary policy, the general idea here is to protect both supply and demand. Whether these actions are enough to hold off a recession remains to be seen, but few people would suggest that they are not at least directionally prudent. Even fewer would go so far as to suggest that a better course of action would be hiking interest rates and raising taxes.