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El Salvador enlists ‘The Bitcoin Standard’ author to aid in economic strategy

el-salvador-enlists-the-bitcoin-standard-author-to-aid-in-economic-strategy
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El Salvador enlists ‘The Bitcoin Standard’ author to aid in economic strategy

The national bitcoin office of El Salvador recently appointed Dr. Saifedean Ammous, the renowned author of “The Bitcoin Standard”, to provide consultancy on economic policies.

Dr. Ammous’ book “The Bitcoin Standard: The Decentralized Alternative to Central Banking” was published in April 2018. It traces the evolution of money throughout history, delving into the transition from stable value storage to the emergence of inflated assets and fiat currencies. It shows how monetary policies across diverse cultures have influenced one another.

El Salvador’s national Bitcoin Office stated that Ammous recently visited the country to deliver lectures to participants of CUBO+, an educational program focused on bitcoin and Lightning Network development.

During his visit, he also discussed with El Salvador’s president Nayib Bukele the significant advantages of embracing economic freedom as a policy approach.

The Bitcoin Office’s Twitter account announced that Ammous will now serve as its economic advisor.

Expressing his enthusiasm about his new role, Dr. Ammous tweeted on May 30 that he was thrilled to work in the pioneer country to adopt a bitcoin standard.

During an interview with the local media outlet Diario El Salvador on the same day, Dr. Ammous remarked that what sets bitcoin apart is its ability to provide a robust asset that does not depreciate over time. He emphasized that holding onto depreciating money discourages saving and instead encourages incurring debt

President Bukele established the National bitcoin Office in El Salvador in November 2022 to oversee cryptocurrency-related activities.

Bukele’s bitcoin team includes prominent figures such as American broadcaster Max Keiser and television personality Stacy Herbert.