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Today we are pleased to present a guest contribution by Mark Copelovitch (University of Wisconsin – Madison) and Thomas Pepinsky (Cornell University).

Are cryptocurrencies viable as money? What is the economic function of “shitcoins” and “stablecoins”? And how can we understand the political economy of cryptocurrency and its implications for global finance, state sovereignty, and the international system? At a time when the U.S. government has floated the idea of a Strategic Bitcoin Reserve, and tech oligarchs question the viability of the sovereign state in the age of blockchains, there is a need for some clear and analytical thinking on the political economy implications of cryptocurrency.

We have a new working paper that addresses these questions, contributing some analytical clarity to current debates about blockchains, cryptocurrency, and the future of money that are currently dominated by those with a vested interest in crypto’s success. Our working title is “The Political Economy of Shitcoins.” Here is

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