Economists have been reluctant to embrace crypto. A quick look at early publications on the Blockchain Research Network (a research database that I run) tells a tale familiar to any serious student. So far academics have mostly asked whether questions like “is bitcoin really money?” and, unsurprisingly, this reductive line of inquiry failed to entice many actual economists.
In fact, economists have long ignored money. While the giants of the field—Smith, Marx, Polanyi, Keynes, Hayek, and others—discussed subject, it has since largely fallen out of the mainstream. This is because, according to contemporary economics, money is merely derivative of deeper economic realities, and therefore, not worthy of study.