Using a Mental Modeling approach borrowed from Hannibal Lecter of Silence of the Lambs, Jeremy and Myron discuss Bitcoin.

4-level model of Bitcoin:

EssenceProtocolFunctionLedgerCharacteristicsCryptographically secureFixed supplyDecentralizedIntangibleSomething you know, not something you haveNovelRoleBitcoin is moneyCharacteristics of a Money CommodityScarceFungibleDivisiblePortableTransferrableFunctions of MoneyStore of valueMedium of ExchangeUnit of accountWhat about the Regression Theorem?Bitcoin had subjective value to early adopters because of its novelty and its recognizable monetary potentialThe theory and historical understanding of money was well established - we didn't need a slow evolution from commodity to money. It was very fast because it was obvious to some people.