The discussion about Crypto Currencies like bitcoin, ether & Co today is driven by two factors:

fascination for the underlying technological system and
wondering about the exponential rise of their prices.

The fans of Crypto Currencies argue that Crypto Currencies will be the future of money. Furthermore their underlying decentralized technology has the potential to completely disrupt how we organize businesses, governments & societies in the future.

In contrast traditional economists and Monetarists are still sceptic and try to find a way to position Digital Currencies within the existing theoretical macro economic framework.

As an economist by formation and an admirer of the Blockchain technology I am a bit stuck in between those two views. Thus let us examine the following two key questions:

Are bitcoins & Co Currencies at all?
What is the price & value of bitcoins?

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