The Evolution of Money: Why We Are Still Stuck in the Dollar Era
Store of value comes first. After that, history says spending and pricing could arrive in either order. A short history of money in New Amsterdam, the Dutch colony that became New York, and what it says about Bitcoin.Cory Klippsten walks the southern tip of Manhattan, where New York City started as the Dutch settlement of New Amsterdam, to look at how money actually worked there 400 years ago. New Amsterdam had one unit of account, guilders and stivers, but people paid each other in silver, beaver pelts or wampum. By the late 1650s those forms of money had diverged so far in value that saying something cost 10 guilders wasn't enough information. In 1658 the Director-General and Council set three prices for the same two-pound loaf of white bread: 4 stivers in silver, 6 in beaver, 8 in wampum.
Then the question he says he hasn't spent much time on: when does Bitcoin become a unit of account? When do people stop saying a house costs a million dollars and start saying it costs some number of Bitcoins or sats? The usual story says unit of account comes after medium of exchange. History shows that isn't necessarily true. In high-inflation economies, people have sometimes saved in a stronger foreign currency and priced houses and cars in it while still paying in the local one. In 1990s Russia, businesses quoted prices in "conventional units", basically a dollar without calling it a dollar, paid for in rubles.
His conclusion: store of value has to lead, but medium of exchange and unit of account could develop in either order, at different speeds, in different parts of the economy. And unlike New Amsterdam, Bitcoin has the potential to eventually perform all three functions with the same underlying monetary asset, even across a layered financial system.
Chapters
0:00 One loaf of bread, three legal prices
1:33 A system the Dutch brought from Europe
2:23 Wampum and beaver
3:02 One unit of account, many ways to pay
3:30 When the prices kept moving
4:23 Beer, rye and bread at three prices each
5:02 Ten guilders in what?
5:47 When does Bitcoin become a unit of account?
6:27 The usual story isn't necessarily true
6:50 Russia's conventional units
7:13 Either order, at different speeds
7:43 Money scales in layers
8:11 New Amsterdam against Bitcoin
8:45 No reason to expect all three at once
9:04 An open question
9:18 Outside Money
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