El Salvador has taken yet another step toward full bitcoinization as the author of “The Bitcoin Standard” Saifedean Ammous joins the National Bitcoin Office as Economic Advisor.
Who is Safedean Ammous?
El Salvador’s new Economic Advisor Saifedean Ammous is famous amongst Bitcoiners as an economist of the Austrian school of economics.
Holding several degrees, including a Ph.D. from Columbia University, he was also a professor of Economics for a decade.
He’s published three books, including “The Bitcoin Standard” and “The Fiat Standard”, which offer contrasting views on a world based on a Bitcoin monetary policy versus the current fiat monetary system we have now.
His economic pedigree has made him a respected figure in the Bitcoin industry, and his recent appointment to the National Bitcoin Office of El Salvador is surely down to his world-renowned expertise.
Why Has El Salvador Approached Him?
El Salvador is leading the world in bitcoinization, the process of moving from a fiat standard to a monetary system built on the sound money of bitcoin.
As a well-respected voice in the world of bitcoin and an established Austrian economist, Saifedean could be a shrewd appointment as the South American country attempts to navigate what no other country has tried to do.
With two books that explore the contrasts between the bitcoin world and the fiat one, there is perhaps no one in the world better suited to help President Bukele steer El Salvador through the unknown waters of dropping the fiat standard.
As the Bitcoin Office itself tweeted out when announcing the new partnership, “When the author of the Bitcoin Standard met the leader of Bitcoin Country, great things were bound to happen.”
El Salvador refers to itself as “the winning team”, demonstrating unwavering faith in its ability to lead the world in hyperbitcoinization, the process by which the entire planet will transcend fiat currencies and move to the bitcoin standard.
If anyone can help them do it, it will be Saifedean Ammous.
What Will He Do As Economic Advisor?
The Bitcoin Office announced that Ammous would “advise on matters related to various economic policies.”
As time passes, more will likely become clear about exactly what his role will be.
Interestingly, it was also announced that he has declined remuneration for the role, and “is interested only in supporting President Bukele’s bold policy of economic liberty and bitcoin.”
Saifedean had said in an interview released earlier in the same day that El Salvador could potentially pay off its debts by adopting bitcoin as a reserve asset.
He said, “Starting to accumulate bitcoin little by little will make it possible to pay off many of the State’s obligations.”
As debts around the world continue to rise, and governments continue to pay off old debt by issuing new debt in the continuous fiat Ponzi scheme, more countries might look to follow El Salvador’s example.
Years from now, we might look back at this partnership as a key rung in the ladder towards a world based on a bitcoin standard.
