The Bitcoin Standard

Unless you have been living under a rock for the past year, you would have definitely heard about a currency called Bitcoin, and how it has changed the face of the global economic market. Many experts are predicting that Bitcoin has the potential to serve as a “novel, decentralized payment solution” of the digital age, and through its use, money can be spent more freely and will be more accessible to everyone, irrespective of their income strata. Not only that, bitcoins are completely decentralized, and thus there is no one person or government behind them.

In this book, Economist Saifedean Ammous delinates the history of this currency, and traces back the role of money itself to generations past. He slowly dissects and unravels the role that money has played through the centuries in propagating human empowerment, and technological progress. However, what stands out from the book is the ease in which Saifedean enunciates and clarifies basic terms and phrases that are usually hard for the average reader to understand.

Another important aspect that is looked into in this book in quite a lot of detail, is the role that monetary technologies have played in various developmental aspects of societies such as

In terms of Bitcoin alone, the book deals with the future prospect of this currency and how it can potentially revamp the entire global economic structure . Using a step by step analysis and breakdown of its history, the author sets the stage for discussing the “exact mechanics of this entire operation”. He starts by describing the reasons for Bitcoins initial success, and then goes on to share what the future could hold for this digital asset.

Saifedean presents various compelling arguments in his book, for example he says that rather than acting as a “daily transactional” currency, Bitcoin is better suited as a” store of value and network for settlement between large financial institutions”. Quoting the fact that Bitcoin possesses a “perfect monetary policy, as well as the ability to perform final settlement of large sums across the world”, it has the potential to completely revolutionize the way money exchanges hands in the business world (i.e in a decentralized, neutral manner).

About Saifedean Ammous

According to his online Bio, Saifedean Ammous is an “assistant professor of economics at Adnan Kassar School of Business”. He has been an ardent economy enthusiast since the very beginning, and as a result has been a member of the Center for Capitalism and Society at Columbia University for quite a while now. From an educational standpoint, Saifedean holds a:

  • PhD in Sustainable Development from Columbia University in New York, USA. His PhD studied the science and economics of environmental and energy policy-making, using bio-fuels as a case study.
  • He also holds an MA and MPhil in Sustainable Development from Columbia University, an MSc in Development Management from London School of Economics
  • Bachelor of Engineering from the American University of Beirut.

Lastly, his online portfolio also states that he regularly conducts research and consultations for various organizations and lectures on economics to professionals and civil servants.

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