Bitcoin has a long way to go to be a viable unit of account

Can bitcoin become money?

clock • 3 min read
Daniel Murray, deputy CIO & global head of research at EFGAM
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Daniel Murray, deputy CIO & global head of research at EFGAM

Digital currencies have received much attention recently. Bitcoin, especially, has been in focus as some companies have announced they will take payment in it.

The term ‘digital currency' refers to a form of money that is available in electronic form, is stored in applications such as electronic wallets, and is accessible through electronic devices. But bitcoin and central bank digital currencies (CBDCs) are quite different. Several companies have announced they will take payment in bitcoin, while trials of CBDCs, notably the People's Bank of China's e-yuan, are taking place. How are these developments related? The future of money: CBDCs and crypto in perfect harmony Can bitcoin become money? Money has three functions: for making pay...

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