In a famous blog post, Bank of England economist John Lewis argued that Bitcoin (or any other cryptocurrency) could not succeed in being a medium of exchange for seven reasons — what he called the seven deadly paradoxes. I have already covered the mining and anonymity paradoxes (which I agree) and the valuation paradox (which I disagree). What do you think about the other four paradoxes? Please write a 200-word short essay on whether you agree or disagree with his analysis. Why or why not?

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The fourth paradox is the hoarding paradox which suggests that individuals are likely to hold onto their cryptocurrencies as an investment rather than spending them as a medium of exchange I agree wit... View the full answer