- Saifedean Ammous, a respected Bitcoin expert and author, has been appointed Economic Consultant for El Salvador’s National Bitcoin Office, providing valuable insights and aligning with President Bukele’s vision of economic freedom through Bitcoin.
- A proponent of Austrian economics, Ammous advocates for minimal government intervention and believes that Bitcoin, with its 21 million unit cap, is the perfect global currency, shielding economies from government mismanagement and preserving citizens’ savings.
- El Salvador’s National Bitcoin Office oversees domestic Bitcoin-related projects and liaises with international entities, with the country pioneering the acceptance of Bitcoin as legal tender and introducing legislation regulating non-Bitcoin assets.
El Salvador’s President Nayib Bukele has enlisted the expertise of Saifedean Ammous, the esteemed author of “The Bitcoin Standard,” to serve as an Economic Consultant for the country’s National Bitcoin Office.
Ammous will advise on a range of economic matters, aligning with President Bukele’s vision of “economic freedom and bitcoin,” according to an official statement from the Bitcoin Office. The two recently held a stimulating conversation on various topics, including economic principles, hydroponics, animal husbandry, and urban planning, as reported by Ammous on his Twitter account.
During his visit, Ammous also imparted his knowledge to students participating in the Cubo+ program, an El Salvador initiative designed to nurture Bitcoin and Lightning developers. Unlike the prevalent “Keynesian” economic model taught in universities worldwide, which promotes government intervention through fiscal and monetary policies to stimulate economic growth, Ammous is a proponent of the Austrian economics school of thought. This approach favors minimal government involvement, allowing the market to dictate the value of goods and services.
Ammous contends in his book that the global economy would prosper under an Austrian financial framework. He champions Bitcoin as the ideal worldwide currency due to its hard-coded cap of 21 million units, which safeguards against government mismanagement and the erosion of citizens’ savings.
El Salvador’s Bitcoin Office is crucial in guiding Bitcoin-related projects within the country and coordinating with international entities for joint ventures. The office has actively collaborated with national authorities to develop regulations governing the vast realm of cryptocurrencies.
El Salvador’s perspective on cryptocurrency has gradually evolved to reflect this outlook. The nation has become the first to recognize Bitcoin as a legal tender. Moreover, it implemented a law in January requiring all non-Bitcoin assets to obtain authorization from the national securities regulator.
Bitcoin City: El Salvador’s Bold Vision
El Salvador is set to revolutionize urban living with its ambitious plan to establish an intelligent city entirely dependent on Bitcoin as its cryptocurrency. President Nayib Bukele revealed in May 2022 the country’s intentions to construct this innovative city at the base of a volcano. El Salvador has already made Bitcoin legal tender and intends to launch Bitcoin-backed bonds to generate $1 billion for the project.
Despite the International Monetary Fund’s (IMF) cautionary stance against using Bitcoin as a national currency, El Salvador remains steadfast in pursuing these groundbreaking cryptocurrency plans. In February 2023, the nation disclosed ongoing talks to establish a “Bitcoin embassy” in Texas.
