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, Yes, it is always ""real value"" at least at the moment of exchange. You agree: you state ""agreed value"". No, ""when the shared consensus on a value disappears"" the value does not ""always"" disappear under ""all circumstances"". It may only disappear for the two parties who previously agreed. A gold coin may have had no value for the victims of the Titanic at the time the Titanic went down. That gold coin always had value till today and will have value in the future. Adam Smith regarded a bushel of wheat as a stable measure of real value. Every daily inflation-indexed or daily deflation-indexed national currency (that means it is possible in all currencies - bitcoin is not included here) is a perfectly stable in unit of real value and will always be that for a indefinite period of time during all levels of inflation and deflation. Wow!! now I have revealed the perfectly stable unit of real value to you. Well, it was possible since 1927 when the ILO institutionalized the CPI. You cannot group bitcoin with the dollar and euro: the last two are money. Bitcoin is not money. Bitcoin is a medium of exchange like the dollar and euro, but it is not money: it is not a monetary unit of measure: no financial reports are prepared in bitcoin. During hyperinflation the real value of ONLY the MONETARY economy changes EXACTLY with the real value of the hyperinflationary local currency, obviously excluding daily inflation-indexed monetary items (government bonds).   "