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Saifedean Ammous’s The Bitcoin Standard explores the history, economics, and societal impact of money. It traces the evolution of currency, contrasts hard money with fiat, and examines Bitcoin’s potential as a global monetary standard to promote financial sovereignty and long-term thinking.

Core Premise: From Barter to Bitcoin

The book begins with barter, where goods and services were directly exchanged. Its inefficiencies led to commodity money like gold and silver, valued for durability, divisibility, and scarcity. Over time, governments introduced fiat currency, detaching money from tangible assets.

Ammous highlights how fiat currency relies on trust in centralized authorities. He argues that the shift from hard money to fiat marked a turning point, exposing monetary systems to government manipulation and inflation.

Economics of Hard Money vs. Fiat

A key section of the book examines the shift to fiat currencies during pivotal moments like World War II and the Bretton Woods Agreement. Ammous highlights how war and excessive government spending drive inflation as nations print money to fund their ambitions, exposing the vulnerabilities of fiat systems.

In contrast, hard money like gold or Bitcoin is defined by its limited supply and resistance to inflation. Ammous argues that Bitcoin, with its fixed supply, is the modern embodiment of hard money.

He further connects hard money to societal stability, explaining how it discourages reckless borrowing and spending, promoting disciplined financial management. By contrast, fiat systems erode savings through inflation, disproportionately impacting lower-income individuals.

Curious how Bitcoin can be used as a tool for financial sovereignty? Read the full post here to find out more.

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