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.

BooksAndArticles

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

> 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.