Cryptocurrency Competition and the U.S. Monetary System

Jesús Fernández-Villaverde argues that a purely private monetary system, such as Bitcoin, is not a cure-all for the problems of over-issuing, double-spending, and counterfeiting. Cryptocurrency fails to provide the socially optimum quantity of money and requires additional regulation, he says. Read the full article in The Wharton School's Public Policy Initiative Issue Brief: Volume 6, Number 5.