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The purpose of the assignment is to analyze and report on the economics of bitcoin to better understand the relationship between conventional and digital currencies and the implications of the broader adoption of digital currency. This assignment focuses on bitcoin as a possible replacement for the dollar and other currencies.
During Week 5, we studied concepts related to money, and the role and objectives of the Federal Reserve in managing the U.S. money supply. The macro paper for this course will address the economics of bitcoin, a technology-based alternative to a currency that is managed by a country’s monetary authorities. First, read these articles and listen to this podcast:
You may read other articles as well and include them in your bibliography.
Using these resources:
- Explain the functions of money.
- Explain the two objectives of the Federal Reserve in managing the U.S. money supply, and how it adjusts the money supply to meet them.
- What functions of money are served by bitcoin?
- For you as an individual, what are the drawbacks or risks of bitcoin, as compared to using the U.S. dollar?
- Do you think that bitcoin can be useful for an economy, such as the U.S. economy?
- Finally, at the conclusion of your paper please include a brief statement reflecting on what you feel you have learned from the assignment and how that learning may be applied to your life or work going forward.
- Must be a total of 800 to 1200 words
- Include a bibliography with at least two references, presented in APA format
- Check your paper for spelling and grammar prior to sumbission
- This paper must be written in your own words