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On the monetary functions of cryptocurrency

Vol. 25, Iss. 10, OCTOBER 2019

Received: 23 September 2019

Received in revised form: 7 October 2019

Accepted: 21 October 2019

Available online: 30 October 2019

Subject Heading: MONETARY ACCOMMODATION

JEL Classification: С22, Е11, Е13, Е14, Е42

Pages: 2369–2384

https://doi.org/10.24891/fc.25.10.2369

Ivanchenko I.S. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation
ivanchenko_is@mail.ru

https://orcid.org/0000-0002-9268-2103

Subject This article discusses the monetary attributes and functions of cryptocurrency.
Objectives The article aims to find an answer to the question whether modern cryptographic payment means can be called money, or they are similar to casino chips, i.e. quasi-money.
Methods For the study, I used the methods of logical, comparative, and statistical analyses.
Results The article shows that short-term forecasting of the market value of Bitcoin is quite possible. To some extent, this may compensate for its failure to perform the store of value function.
Conclusions and Relevance Currently, the economic theory abounds in disputes between experts concerning the implementation of monetary functions by new electronic payment means. The results of the study can be used by the financial market mega-regulator to make decisions in the area of money circulation. In addition, the results can be useful to cryptocurrency market traders for short-term prediction of Bitcoin exchange rate trends.

Keywords: cryptocurrency, money functions, Bitcoin, exchange rate, prediction

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