Relevance of the Ancient Barter Technique in Currency Exchange: From the Euro to Bitcoin

Objective of this manuscript is both to tracing the evolution of money, and examining its transition from commodity money to fiat money, up to the emergence of cryptocurrencies. It highlights the inherent issues of the barter system, emphasizing the urgencies and necessities that favored the adoption of legal tender. Subsequently, the impact of the creation of the Euro on the European economy—both historically and geopolitically—will be analyzed, contextualizing the European Union's institutional process. In a response to the crisis, Bitcoin (the first decentralized cryptocurrency) will be introduced, along with an illustration of the supporting Blockchain technology will be provided. Finally, the proposal of American Senator Lummis, who suggests a massive purchase of Bitcoin to be used as a strategic reserve through the “Bitcoin Act” program, will be explored, prompting several reflections on the future of the petrodollar as a reserve instrument. Through these reflections, the reader could develop their own thoughts on the importance of evolving towards forms of money more suited to an increasingly digitized and decentralized economy. In conclusion, by proposing an analogy between the ancient monetary practices on Yap and cryptocurrencies, we aim to stimulate the reflection that innovation is not only desirable in this fast-paced world but essential.