Casey Pender is a MA student in the PPE program at Cevro, specializing in Austrian Economics. He is originally from Canada and did his BA in Philosophy at Carleton University in Ottawa. Casey is mostly interested in macroeconomics and monetary policy and is writing his MA thesis on the history of Free Banking in Canada. He also dabbles in woodworking and loves canoeing, and between his BA and starting his MA, Casey spent a number of years working in masonry and carpentry as a foreman for a construction company in Toronto.
Articles from Casey Pender
The future has a lot of potential awe-inspiring inventions coming down the pipeline. But while daydreaming about these, we shouldn’t forget to be in awe of the invention of fractional-reserve banking. Long before fancy apps, and indeed long before the internet even, it was solving our problems and making our lives better.
It only takes a quick glance at recent news to know Bitcoin is volatile; its fluctuations in price have made headlines for months now. But exactly how volatile is it relative to commonly used currencies, and how does that affect this cryptocurrency’s ability to actually be a usable medium of exchange?
Cryptocurrencies are still quite new and seem to just be scratching the surface of their potential. If they are to succeed — not only as a fringe medium of exchange or speculative investment, but as real competitors with government currencies — some new programmers are going to have to come along and make currencies whose digital coins are created in a much different manner than the current ones. Perhaps digital coins whose supply is determined by demand will lower volatility enough to cut the future uncertainty of prices. Those may be adopted as true media of exchange. Until that time, Hayek’s vision of private currencies will not be quite realized.