Tyler Cowen, Columnist

What the Crypto Crowd Doesn’t Understand About Economics

Digital currency has always been a highly unusual asset class, but it won’t stay that way forever.

June 21, 2021 at 12:00 AM UTC

Tyler Cowen is a Bloomberg Opinion columnist, a professor of economics at George Mason University and host of the Marginal Revolution blog.

Acceptance is spreading.
Photographer: Joe Raedle/Getty Images North America

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Just last week I argued that cryptocurrency is here to stay. Now I’d like to explain to some of my crypto friends why parts of the mainstream economics and financial world do not take them more seriously. To put it bluntly: Many of you do not understand monetary economics very well.

There are two common mistakes.