Book review: The Bitcoin Standard by Saifedean Ammous

A well put together monetary economic history from an Austrian economics perspective. Despite the large uncertainty posed by the future, Saif holds strong and clear perspectives about the future of money and the cryptocurrency space. Many would find his perspectives controversial and potentially a little dogmatic. I do, however, appreciate his clarity of thought and his unwavering commitment to his views. Whatever the eventual outcome of the cryptocurrency revolution, Saif’s contribution is a valuable one. He provides a clear explanation of concepts like time-preference, sound money, inflation and the importance of capital accumulation, which are often so badly understood, even by economists. Saif offers a compelling case for bitcoin as a tool that could cause a positive societal shift due to the challenge it poses to fiat currencies. Fiat has arguably caused extremely negative societal shifts over the past 50 years due to the rampant monetary inflation they allow central banks to create – the consequences of which are rarely investigated outside of the Austrian school of economics. Saif sees bitcoin as the sound money of the information age and uncompromisingly argues against the need to drastically scale bitcoin because he holds the decentralised, immutable nature of bitcoin’s sound monetary policy so dear. Well worth a read, particularly for those who don’t fully appreciate the importance of sound money.


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