- Yes, it does. Bitcoin was the first currency with these properties. Ironically, at the time, people received Bitcoin with extreme skepticism, especially in the first few years. Most people just could not see how math embedded in computer code could be “superior and more trustable” then a currency issued by a central entity, i.e. governments. It was a huge mindset shift and that is why it was so slow and painful.
The requirement that money supply be scarce is crucially important. If people accepted frogs in exchange for useful things — we would be collecting frogs. If people took slips of paper with a hand-drawn image of a giraffe we would all be drawing giraffes. The reason why choosing a scarce resource as currency is important is that overall this provides a motivating factor in the larger social system to which we have all become accustomed. A non-scarce money will not motivate people to render services or produce goods. So hand-drawn giraffes as money won’t work. This understanding for us is intuitive and places the restriction on what can be used as money.
According to HSBC, oil prices are likely to rise and stabilise for some time around the $75 per barrel mark due to the longer term decline in production relative to persistent demand. But the Italian scientists find that this is still too high to avoid destabilising recessionary effects on the economy.