Yep, his pricing model is explicitly based on deriving a dollar/bitcoin exchange rate in 2141, which assumes both are traded in 2141.  He then uses time discounting rules to get the dollar/bitcoin exchange rate for today.

SimpleStacker

> Maybe if bitcoin is as frictionless as the dollar, there can't be an equilibrium in which both are traded simultaneously

Interesting thought. That's similar to the last paper you reviewed.

It does make sense, when we're talking about exchange rates. I was expecting the pricing model to be based on bitcoin's future purchasing power.

Undisciplined

BooksAndArticles

Bitcoin: What Does Mainstream Economics Have to Say? | Article Review

I think it comes from another one of his other papers that explicitly tries to model bitcoin valuation.  I didn't read that paper, and I didn't work through all the math in the appendix, so I'm not really sure what to make of it.

Maybe if bitcoin is as frictionless as the dollar, there can't be an equilibrium in which both are traded simultaneously?

The equilibrium conditions are basically an indifference condition between dollars and bitcoin, I believe.