As economies develop and markets improve, it's natural to see the distinction between money and asset grow thinner. Bitcoin and money is a good example of this. Money market funds and bank deposit accounts is another. As transaction costs decrease, people can switch between assets in a way that's very money-like.

The thinning line between asset and money has legal practice ramifications because the blurring of categories calls for greater care in ensuring that businesses stay on the right side of laws written for a world in which the lines were thicker and more obvious.

The digital, global world is full of financial innovation and global competition continues to push down costs. Distinguishing between asset and money will be increasingly more difficult, and also increasingly less relevant to the public. This is great news for the public, possibly bad news for banks, and great news for those who play a role in delivering seamless interchange between assets.