# Prof. David Yermack's research on Bitcoin is featured

1 Faculty News December 24, 2013 ![Bloomberg logo](/sites/default/files/styles/246w/public/assets/images/bloomberg192x144.jpg?itok=yV529lwz)>

Excerpt from [Bloomberg](http://www.bloomberg.com/news/2013-12-23/bitcoin-more-speculative-than-real-currency-study-finds.html) -- "To test the case for Bitcoin as a currency, [Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack) compared it against the three major characteristics of money: that it serves as a medium of exchange, a unit of account and store of value. On this test, Bitcoin increasingly serves as a medium of exchange because more companies accept it, Yermack said. Where it fails is as a unit of account and store of value, he said."

[Read more](http://www.bloomberg.com/news/2013-12-23/bitcoin-more-speculative-than-real-currency-study-finds.html)

Additional coverage appeared on [Business Insider](http://www.businessinsider.com/bitcoin-volatility-2013-12), [Yahoo! Finance](http://finance.yahoo.com/news/study-says-bitcoin-speculative-110010350.html) and the [Daily Herald](https://www.dailyherald.com/article/20131224/business/712249950/).