BIS Paper Shows Meme-Level Grasp of Bitcoin, But Agrees With Saylor on Key Point

A paper from the Bank for International Settlements (BIS), an organization of central banks, recycles old, repeatedly rebutted claims about bitcoin—but agrees with Strategy’s Michael Saylor that it isn’t working as everyday money. Both reach that conclusion, but for opposite reasons. In “ Money and the Architecture of Trust ,” published this month, Iñaki Aldasoro, an economist at the BIS, uses a meme featuring a dog that wants “only money,” not IOUs, to describe the mindset behind gold and bitcoin. The meme refers to Luca Pacioli, the Italian mathematician who is credited with the first published systematic treatment of double-entry bookkeeping in the 15th century. “The dog wants an asset that is no one’s liability because it does not trust. It wants gold. It wants bitcoin.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.