Bitcoin Standard Author Becomes Economic Advisor for El Salvador

El Salvador Ammous
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Last week, President Bukele met with Ammous, the author of “The Bitcoin Standard.” While in El Salvador, Ammous gave talks to students at the Cubo+ venue.

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El Salvador’s President Nayib Bukele has appointed Saifedean Ammous, the author of “The Bitcoin Standard,” as an economic advisor for the country’s newly created National Bitcoin Office. According to a statement from the Bitcoin Office, Ammous will provide advice on different economic policies and support Bukele’s vision of “economic freedom and the use of bitcoin.”

Last week, President Bukele met with Ammous, and they had discussions on various topics such as economics, hydroponics, cattle breeding, and urban planning. While Ammous was in El Salvador, he gave talks to students at Cubo+, a program focused on Bitcoin and Lightning development.

Austrian Economic Model

The Austrian school of economics believes that governments should minimize their involvement in the economy and allow market forces to determine prices. In contrast, the “Keynesian” school of economics, which is commonly taught in universities today, supports the use of government stimulus programs such as spending and tax cuts. The Austrian perspective opposes these measures.

Also Read This Related: El Salvador sees more tourists as strict law and order prevail

According to Saifedean’s book, “The Bitcoin Standard,” he believes that adopting an Austrian economic model would be advantageous for the global economy. He argues that Bitcoin, with its fixed quantity of 21 million units determined by its code, is the ideal form of money. This is because it prevents governments from mismanaging economies and reducing the value of people’s wealth.

El Salvador has set up the Bitcoin Office to oversee and organize all domestic and international projects related to Bitcoin. They have also worked closely with government authorities to develop policies regarding cryptocurrencies in the country.

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Ammous is often referred to as a “Bitcoin maximalist” because he strongly believes in the potential of Bitcoin and disregards other cryptocurrencies as either unnecessary or fraudulent technologies.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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