Macroeconomics, Monetary Policy, and Bitcoin’s Perfect Storm
In November 1989, Mexico City began implementing its “Hoy no circula” driving program, translating to “today, [your car] does not circulate.” This was a government policy designed to reduce city pollution by reducing the number of cars on the road by day. The last number on your license plate dictated whether or not you could drive that day. Two numbers per day, from 5 a.m. to 10 p.m., were banned from driving. The Mexican government wanted an increased reliance on public transportation and ridesharing to cut down on city pollution. What they got was families buying second or third cars to avoid the new restrictions. Oftentimes they purchased old, inefficient cars seeing as ...
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