St Louis Fed VP and research director David Andolfatto is rare among Federal Reserve officials in his interest in bitcoin and digital currency. However, while he may see the technology’s big picture, why he believes bitcoin is potentially transformative doesn’t exactly fall in line with the common mantras of the community.

Take, for instance, the claim that bitcoin is part of a long-term trend toward “digital money”, one Andolfatto delights in debunking.

Today, virtually all money used by the private banking sector, and all the money in modern economies, he asserts, is digital.

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