# kaal:claim:3606663-020

**Claim.** Bitcoin functions as a medium of exchange for a number of businesses but arguably fails as a store of value and as a unit of account, because of its volatility and its lack of intrinsic value.

**Type.** failure  **Support.** argued

**Holds when.**

- Bitcoin as evaluated against the three classical money functions

**Source quote.**

> but it arguably fails as a store of value and as a unit of account because of its volatility and lack of intrinsic value.

**From.** Kaal, *Digital Asset Market Evolution* (2020), 1. Market Volatility, page 29

**Cite as.** Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Failure mode.** bitcoin fails the store of value and unit of account tests  (family: valuation-and-pricing-failure)

**Topics.** tokenomics, economics

**Keywords.** bitcoin, store-of-value, volatility, monetary-functions, valuation

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.