The analysis here predicts the money form of Bitcoin—money that doesn’t have direct use-value.

“Since the marginal utility of the money commodity depends on previously existing money prices, a wiping out of existing markets and knowledge of money prices would render impossible the direct re-establishment of a money economy. The determination of money prices (gold prices) is therefore completely explained, with no circularity and no infinite regression. It does not follow from this analysis that if an extant money were to lose its direct uses, it could no longer be used as money.”

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