Christian Catalini

Bitcoin's design is simple. A fixed supply cap of 21 million coins, a predetermined issuance schedule, and proof-of-work securing the chain. It is digital scarcity in its purest form. Research scientist Christian Catalini frames it clearly in "Some Simple Economics of Stablecoins:" Bitcoin's supply expands "slowly and predictably in the short run" and is "capped in the long run," meaning demand shocks "directly translate into sharp fluctuations in its price."

Research scientist Christian Catalini wrote: "The strategic allure of a proprietary solution is powerful. But history is clear: the most enduring, economy-spanning value is never created within walled gardens. The market has a reliable memory. Closed systems offer a faster start, but when the need to experiment at the edge outgrows the sponsor's capacity to approve experiments, gravity shifts to open."

Research scientist Christian Catalini wrote: "A handful of institutions, such as credit card issuers and banks, run the tollbooths of everyday payments, collecting a toll on every swipe, tap, or wire. Consumers believe they are getting a free service, all while the background radiation of invisible fees shapes business models. The passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act presents leaders with new options that could upend that system."

At a Bitcoin focused event this month research scientist Christian Catalini made the case that open networks and interoperability are the foundation of the next era of payments. Catalini argued that the future of money depends on shared infrastructure, not walled gardens — and that the battle for openness is ultimately cultural, not technical.