Bitcoin is an extraordinary innovation. It also will never replace the dollar or the euro, what Murck refers to as “fiat currencies.” Fiat will win over bitcoin for the same reason it won over gold, silver, and copper in early modern Europe. Central banks, too, are a form of technology. Like other technologies, they’ve improved with iteration. Since the establishment of Sweden’s Riksbank at the end of the 17th century, central banks have been trying out new strategies, watching each other and copying what works.