The ECB was one of the first public authorities to see their potential and their risks and published a detailed analysis in 2012. 7 Despite the overall rise in the value of bitcoin since the publication of the report and the media attention it is getting, our conclusions still seem to be valid, namely, that such currencies are not (at least yet) economically important.
1 I won’t take time to list these references now, but they are shown at the end of the version of my talk on the Bank’s website. Mining booms in Australia The distinguishing features of a mining boom are significant increases in mining investment or mining output, usually both, which go on to have important macroeconomic consequences.