"Monetary policy" is a socialist contrivance that has no place in a capitalist civilization. Money ought to be of the market, guided in its movements by the decentralized dynamics of a trillion independent decisions per day. Any monies within a market (bitcoin, gold, whatever else) can have policies/dynamics of their own as private inventions or existing under natural constraints, but to have any central top-down State policy manipulating monies is inappropriate for any honest market.