Does Bitcoin Meet the Test for Being Money?

Investor pro Doug Casey, founder of Casey Research, has changed his perspective on what Bitcoin is and is not. Previously, Casey held a mixed view of cryptocurrencies, doubting if they had the basic principles that make a currency.


However, after further research and consideration, Casey has affirmed his view that Bitcoin is, indeed, money. This evaluation is based on five principles that make up a currency – durability, consistency, divisibility, convenience and usability.

Among these five criteria, Casey says, he has always believed that Bitcoin meets all of them nicely, with the exception of usability. His concern previously was that Bitcoin had little real-world use cases. Casey, however, has changed his mind, saying:

“The problem I had with Bitcoin to start with was the fifth point: does it have use value in itself, so you can’t get stuck holding the bag? And I said that was the problem with Bitcoin. But I was wrong about that… The bottom line, Bitcoin passes the medium of exchange test for the moment and store of value test for the moment. So you can definitely say it’s money—for the moment.”

Bitcoin destined to fail?

Casey’s comments reflect the opinions of other analysts, including the Economist, which echoed Casey’s comments, saying that Bitcoin is indeed money. The article used tests for value based on the famed economist Charles Kindleberger, who wrote the quintessential analysis of bubbles in 1978.

Casey, however, goes on to say that the reality is that Bitcoin can and will change. He concludes by saying, “I have little confidence Bitcoin will be here say five years from now.”

Darknet Gun Vendor Apologizes for the Munich Massacre


German law enforcement arrested Philipp only days after the Munich massacre. He then worked with the BKA to catch other darknet weapons and buyers. “He confessed and cooperated with the investigating authorities,” said a spokesman for the Frankfurt Prosecutor’s Office.

The original charges, according to Georg Ungefuk, from the Federal Public Prosecutor’s Office of Frankfurt, were “issued only because of the violation of the arms laws.” The later charges came from “further investigation of the secured communication from the supposed arms dealer on the Darknet – the secret area of the Internet – however, showed indications of negligence. There was [initially] no evidence that the 31-year-old Marburger knew what the amok gunman had in mind.”


Ungefuk referred to the recent action by the Federal Police where they raided the owner of the German darknet forum known as Deutschland im DeepWeb (DIDW). DIDW functioned as a forum primarily, but the site also allowed sellers and buyers to connect and conduct business through the darknet. The server owner, for facilitating the trade of firearms and other illegal items, is currently at the Detention Center at the District Court of Karlsruhe awaiting trial.

On that seized forum, investigators discovered conversations between who they believed to have been Sonboly and Philipp. Both used anonymous usernames and Sonboly used several. “Hi, I’m looking for a Glock 17 with a total of 250 rounds of ammunition,” one of the forum posts read. While the contents of the private messages have not been leaked yet, they will likely surface during the trial.

Chief prosecutor Florian Weinzierl, in his opening statement, said that, Philipp “empowered” Sonboly to execute his plan. This empowerment, according to the prosecution, constituted involuntary manslaughter. Philipp faces charges for selling the gun and the ammunition, but also for violating Germany’s Military Weapons Control Act.