Comment: "doesn't need to have intrinsic value of utility"

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"doesn't need to have intrinsic value of utility"

For something to become a medium of exchange, it must already be valued as a commodity (regression theorem). More to the point, for something to be widely used as a medium of exchange, it must already be widely valued as a commodity. Bitcoin arguably meets the condition of the regression theorem (a handful of techies valued it as a commodity originally: "digital jewelry" as they say), but it is definitely not widely valued as a commodity, nor is it likely to be, and so it has very limited potential as money.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."