Are Cryptocurrencies Best Understood as Currencies?

Bitcoin’s meteoric rise throughout 2017 was accompanied by a growing assumption by some in the marketplace that a cryptocurrency might appreciate in perpetuity given the success of a network, as might the value of shares in a company.  But, as Dan Gorfine, the Chief Innovation Officer and Director of LabCFTC asks, is this the right way to think about the economics of a cryptocurrency that is ultimately intended to serve as a medium of exchange? In an article on the matter, he offers an alternative framework and approach by thinking about valuation from the standpoint of a traditional currency – an exercise that might help advance discussion and debate regarding economic expectations and the value proposition of cryptocurrencies.  More here.