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The author is off base by suggesting that Bitcoin is a 'bogus' medium of exchange. ALL mediums of exchange are valid according to the fact that they are EXCHANGED, which implies a VOLUNTARY interaction. "A medium of exchange arises from something that had a material use/value in the market prior to becoming a medium of exchange" Market history does not dictate market future, which is a keynes-level boner of an idea. Author assumes there is no value precedent. Bitcoin is software. The components of the software which constitute bitcoin, including encryption technology, has a preexisting recognized value in the marketplace for other applications. In the future, more software may be developed to improve upon the value of the currency by increasing the movement and creation of capital. Is bitcoin a fiat currency? Yes. Is bitcoin involuntary? No.