The Tanach on Bitcoin

The Economist writes that the answer to the bitcoin is in the writings of Kindleberger. I have read it. And no.

The answer is in the Tanach. Bitcoin has no intrinsic value in silver or other precious metal. In the Gemara, a coin like that is called ASIMON, a token. Only gold and silver coins are considered money, the asimon is merchandise.

Those Jews were not stupid. The bitcoin is not money, it is merchandise. It has no intrinsic value, it is worth exactly what the buyer is ready to pay for it. In money.

If merchandise, it must be taxed. Each transaction will pay VAT (17% in Israel) and its export/import will be regulated. Since each bitcoin contains a ledger of transactions,  its taxing presents no difficulties. It cannot be hidden.