El Salvador President Hires Bitcoin Standard Author As Economic Advisor

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El Sal­vador Pres­i­dent Nay­ib Bukele has onboard­ed Saiffedean Ammous – author of The Bit­coin Stan­dard – as an Eco­nom­ic Advi­sor to the Nation­al Bit­coin Office of El Salvador.

In his role, the author will “advise on mat­ters relat­ed to var­i­ous eco­nom­ic poli­cies,” while sup­port­ing Bukele’s pol­i­cy of “eco­nom­ic lib­er­ty and bit­coin,” accord­ing to a Bit­coin office statement. 

Economic Advice From Bitcoiners

Pres­i­dent Bukele met with the Ammous last week to dis­cuss a range of top­ics includ­ing “eco­nom­ics, hydro­pon­ics, cat­tle breed­ing, urban plan­ning,” accord­ing to a retweet­ed Twit­ter post from the author’s account. 

Accord­ing to the Nation­al Bit­coin Office, Ammous also lec­tured stu­dents of El Salvador’s Bit­coin and Light­ning devel­op­er pro­gram, Cubo+, dur­ing his stay.

“As an Aus­tri­an econ­o­mist, best-sell­ing author & well-known bit­coin­er Saifedean will make a great addi­tion to Pres­i­dent Bukele’s bit­coin team,” stat­ed the office on Tuesday. 

Aus­tri­an eco­nom­ics is a school of thought that advo­cates for lit­tle to no gov­ern­ment inter­ven­tion in the econ­o­my, and allow­ing the free mar­ket to deter­mine the price of goods and ser­vices. This con­trasts with the “Key­ne­sian” school of eco­nom­ics taught in most Uni­ver­si­ties today, which advo­cates for gov­ern­ment inter­ven­tion through mon­e­tary and fis­cal pol­i­cy to stim­u­late the economy. 

In The Bit­coin Stan­dard, Saifedean makes the case for why the world would fare bet­ter on an Aus­tri­an mod­el. As such, he pro­motes Bit­coin as an ide­al cur­ren­cy for the world to use, since its code-enforced sup­ply of 21 mil­lion units pre­vents gov­ern­ments from mis­man­ag­ing the econ­o­my and dilut­ing its cit­i­zens’ savings.

Teaming Up With Bitcoin Maximalists

The Bit­coin Office is designed to over­see all Bit­coin-relat­ed projects in El Sal­vador, and to coor­di­nate with oth­er coun­tries on ini­tia­tives relat­ed to the asset. It’s also worked close­ly with the nation’s offi­cials to devel­op poli­cies relat­ed to the cryp­to sec­tor at large. 

Ammous is wide­ly regard­ed as a “Bit­coin max­i­mal­ist” – some­one who is incred­i­bly bull­ish on Bit­coin, but rejects most oth­er cryp­tocur­ren­cies as either redun­dant tech­nol­o­gy or out­right scams. Exist­ing mem­bers of the agency – includ­ing for­mer tele­vi­sion host Max Keis­er and Stacey Her­bert – also fall into this camp. 

El Salvador’s cryp­to pol­i­cy has already evolved to reflect this view to some degree. While being the first and only coun­try to estab­lish Bit­coin as legal ten­der, the nation passed a law in Jan­u­ary requir­ing non-Bit­coin assets to be approved by the nation­al secu­ri­ties regulator. 

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