Blockchain Revolution and the Future of Money

Blockchain Revolution and the Future of Money

Presented at Università degli Studi di Milano, Milan, June 15, 2015

The disruptive innovation of the Bitcoin protocol, with special attention to the bitcoin currency, is introduced. Framed in a quick history of money, bitcoin is evaluated as crucial step in monetary evolution, enabling competition between cryptocurrencies and traditional legal tender fiat currencies.
Despite rapidly increasing acceptance, so far the affirmation of cryptocurrency as better money has been thwarted by dramatic deflationary price instability. Successful at disposing of any central monetary authority using the Bitcoin protocol, the bitcoin currency has accidentally thrown away the flexibility of an elastic supply of money.
A new generation of cryptocurrencies with a non-discretionary elastic monetary rule ensuring price stability is introduced as "Hayek Money": a stable coin, providing stable prices and stable purchasing power, might be the future of money.

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Ferdinando M. Ametrano

June 15, 2015
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