A Bank for International Settlements study covering 568 currencies found that their median lifespan is 33 years and that about 70% have been discontinued. The statistic is circulating on social media as an argument in favor of Bitcoin, although the BIS study does not discuss cryptocurrencies. In a separate paper, the BIS says Bitcoin rejects the social compact embodied by money and lacks a central-bank anchor and credit elasticity. The institution also portrays stablecoins as insufficiently monetary instruments and compares them more closely with exchange-traded funds than with genuine monetary instruments.
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