Cryptocurrencies Exist Because Of Alternative Demand
Central bankers are feeling the heat of Facebook’s Libra digital currency project — but beyond an existential threat to central bank seigniorage, cryptocurrencies are raising the fundamental question of what money is, to begin with.
Published in
12 min readOct 27, 2019
Tom Hargraves adjusted his spectacles nervously as he looked over his shoulder. The 40-year-old actuary at a large investment bank had no reason to believe that anyone was actually following him, but he couldn’t be too careful.
As he walked down the hallway of the Grand Hyatt in downtown Manhattan, Hargraves was notably distinct for being unremarkable. Most would have dismissed him as just another bespectacled Wall Street money man.
To the trained eye, however, Hargraves reeked of wealth.
Clad in a US$10,000 bespoke Loro Piana suit and a discreet white gold Rolex Cosmograph Daytona, Hargraves had done well for himself in the world of finance.
