Eswar Prasad considers the economic, financial, and societal implications of digital currencies and payment systems ...

All forms of money are not equal. The highest rung is occupied by cash. The only digital asset capable of replicating such a safe position is a CBDC. Safe in terms of liquidity and counterparty risk.

This excerpt from A Progressive’s Case for Bitcoin: New Revised Updated Edition explores how Bitcoin fulfills every core function and property of good money—revealing why it’s the best form of money ...