As you note, MF stressed the central importance of Money for inflation and the inability of central banks to regulate it properly. He advocated rules. But his fixed M growth rate rule was undermined by M demand that was variable and hard to predict. In relating this to bitcoin you overlook Friedman’s assumption of one, broadly used unit of account and store of value. Bitcoin is not even close: https://wcoats.blog/2014/01/25/cryptocurrencies-the-bitcoin-phenomena/
Friedman and Bitcoin
As you note, MF stressed the central importance of Money for inflation and the inability of central banks to regulate it properly. He advocated rules. But his fixed M growth rate rule was undermined by M demand that was variable and hard to predict. In relating this to bitcoin you overlook Friedman’s assumption of one, broadly used unit of account and store of value. Bitcoin is not even close: https://wcoats.blog/2014/01/25/cryptocurrencies-the-bitcoin-phenomena/
The rule I am sure MF would enthusiastically embrace is one of a fix anchor for the price of M with its supplied determined fully by the public, i.e., A currency board rule. https://wcoats.blog/?s=currency+board https://wcoats.blog/?s=libertarian+money
Amazing! MF predicted Bitcoin…