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Three-Stage Currency Adoption Framework
A currency must pass through three distinct stages to become truly functional: store of value, medium of exchange, and unit of account.
How It Works
Each stage requires increasing levels of collective belief and adoption. Stage 1 (store of value) requires people to believe it will hold value tomorrow. Stage 2 (medium of exchange) requires widespread acceptance for transactions. Stage 3 (unit of account) means pricing things directly in that currency.
Components
Stage 1: Establish store of value through collective belief in future worth
Stage 2: Enable medium of exchange through widespread merchant adoption
Stage 3: Achieve unit of account status where prices are natively expressed
When to Use
When evaluating whether a new monetary technology will succeed, or when building financial products around emerging currencies.
When Not to Use
Don't apply to non-monetary assets or when dealing with established fiat currencies that already completed all stages.
Anti-Patterns to Avoid
Example
“Bitcoin has largely completed stage 1 with $60k price and hundreds of millions of wallets, is beginning stage 2 with payment processors, but hasn't reached stage 3 since prices aren't quoted in Bitcoin natively.”
Related Knowledge
Government is now pro crypto, political suicide to be anti-crypto
US political landscape has shifted so significantly that opposing cryptocurrency is now politically disadvantageous
Cryptocurrency Political Mainstream Adoption
US political candidates are shifting from crypto opposition to active support, making pro-crypto positions politically advantageous rather than risky.
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