BIS paper finds state currencies last a median 33 years; it doesn't analyze Bitcoin
In brief
- BIS Working Paper 1392: state-issued currencies survived a median of 33 years.
- 568 currencies tracked from 1850 to 2026; about 70% were discontinued.
- Online commentators linked the figure to Bitcoin, but the BIS paper doesn't analyze digital assets.
- Iñaki Aldasoro, in a separate BIS paper, says Bitcoin lacks a central-bank anchor and credit elasticity.
What the working paper found
The paper also found that approximately 70% of the currencies in its database had been discontinued, Crypto Briefing reported. In most cases the reasons were economic.
That's the core of the dataset. It doesn't mention Bitcoin.
Where Bitcoin enters the picture
The 33-year figure has circulated on social media as evidence that crypto challenges government currencies. Online commentators paired the statistic with Bitcoin's fixed-supply design and argued that it may challenge fiat money. That framing came from outside commentators, not the BIS, and the working paper didn't analyze digital assets at all.
The BIS hasn't been silent on Bitcoin, though.
What the BIS has said about Bitcoin
BIS Paper 175, written by Iñaki Aldasoro and released on October 14, 2026, was titled "Money and the architecture of trust." It examined Bitcoin alongside gold and stablecoins, and it's blunt about where the asset falls short.
Bitcoin “rejects the social compact that money embodies,” the paper states.
Aldasoro argued that money needs two things to work at scale: a central-bank anchor and credit elasticity. By the paper's account, Bitcoin has neither the anchor nor the shock absorber, and the BIS views its fixed issuance schedule (the same design feature commentators pointed to) as a limit rather than a strength.
Bitcoin isn't the institution's main focus, either. The BIS devoted more of its 2026 commentary to stablecoins than to Bitcoin, according to Crypto Briefing, with reports arguing that stablecoins fail key tests for money and comparing them to exchange-traded funds.
The research summary described the BIS as using Bitcoin mostly as a reference point. It doesn't treat it as a systemic threat, and it doesn't treat it as a credible replacement for fiat.
Frequently asked questions
How long do fiat currencies last, according to the BIS?
BIS Working Paper 1392, released on November 6, 2026, found that state-issued currencies survived a median of 33 years. The study tracked the lifespans of 568 currencies from 1850 to 2026 and found that approximately 70% of them had been discontinued, usually for economic reasons.
Does the BIS currency lifespan paper mention Bitcoin?
No. The working paper doesn't analyze digital assets at all. The Bitcoin framing came from outside commentators who paired the 33-year statistic with Bitcoin's fixed-supply design, not from the BIS.
What does the BIS say about Bitcoin as money?
BIS Paper 175 by Iñaki Aldasoro states that Bitcoin rejects the social compact that money embodies. It argues money needs a central-bank anchor and credit elasticity to work at scale, and says Bitcoin has neither. The BIS views Bitcoin's fixed issuance schedule as a limit.
