Had Bitcoin been created with an easy‐money policy, such as what a Keynesian or Monetarist economist would recommend, it would have had its money supply grow in proportion to the number of users or transactions, but in that case it would have remained a marginal experiment among cryptography enthusiasts online. No serious amount of processing power would have gone to mining it, as there would be no point in investing heavily in verifying transactions and solving proof‐of‐work in order to get tokens that will get devalued as more people use the system. The expansionary monetary policies of
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