If you’ve read anything about Bitcoin and its cohort of cryptocurrencies, you’ll undoubtedly have come across the term ‘fiat currency’.

As libertarian and other critics argue, the value of these government- controlled currencies is open to influence from government or foreign exchange markets, and, as such, their value can be seen as subjective. One example of how the value can be changed is quantitative easing – the printing of more money to stimulate the economy in times of recession.