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Published in:
2023 | OriginalPaper | Chapter
2. Complementary Currencies
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Abstract
While Bitcoin makes a compelling case against gold as pristine money, Bitcoin is unlikely to replace gold entirely because of gold’s millennia-long cultural establishment. Instead, a more likely scenario is that they coexist, like television did not replace the radio entirely but only took a share of its market. Given recent developments, it will also likely coexist with national currencies, such as dollars, euros, or yen, as a payment medium. In fact, it is already increasingly doing so. Such a system will effectively have multiple currencies (accepted media of payments) running in parallel. While a multiple-currency model sounds unusual, it is a notion that already exists and whose many benefits have been praised for decades by monetary visionaries. This chapter investigates why it is the case.