2 sats \ 0 replies \ @2minutebitcoin 30 Jan 2023 \ on: Bitcoin premium in Nigeria tops 164% amid demonetization bitcoin
  • demonetization - a widely used medium of exchange ceasing to be one
Historically, demonetization has happened through
  1. hyperinflation - the money is devalued
  2. bimetallic standard - changing from using gold to silver
  3. metallic standard is abolished/defaulted on (e.g. 1971 - https://wtfhappenedin1971.com/)
When the EU adopted the euro, it demonetized local currencies (e.g. Italian lira) and monetized the euro.
-- an excerpt from the 2-minute version of Bitcoin Hypermonetization: Bubble Talk (2013) originally posted in https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013
Seems like a 1) to us. Can anybody give more detail?
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