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President of El Salvador, Nayib Bukele, has welcomed Saiffedean Ammous, the eminent author of “The Bitcoin Standard”, to his team as an Economic Consultant for El Salvador's National Bitcoin Office.
Ammous will provide counsel on various economic issues, supplementing President Bukele's philosophy of "economic freedom and bitcoin," as per an official announcement from the Bitcoin Office. President Bukele and Ammous had an engaging discussion last week on a diverse set of themes, such as the principles of economics, hydroponic systems, animal husbandry, and urban development, as shared by Ammous on his Twitter account.
During his visit, Ammous took the opportunity to share his knowledge with students from the Cubo+ program, an initiative of El Salvador aimed at fostering Bitcoin and Lightning developers. In stark contrast to the prevailing "Keynesian" economic model taught across global universities that encourages governmental influence through fiscal and monetary policy to spur economic growth, Ammous is an advocate of the Austrian economics paradigm. This paradigm encourages minimal government interference, leaving the market to determine the valuation of goods and services.
In his book, Ammous argues that the global economy would thrive under an Austrian financial model. He advocates Bitcoin as the perfect global currency due to its coded limit of 21 million units. This prevents government mismanagement and dilution of its citizens' savings.
The role of El Salvador's Bitcoin Office is pivotal in steering Bitcoin-oriented projects within the country and liaising with foreign entities for collaborative initiatives. The office has actively worked alongside national authorities to shape policies that govern the expansive world of cryptocurrencies.
El Salvador's stance on cryptocurrency has gradually shifted to mirror this viewpoint. It has become the pioneer country to accept Bitcoin as a legal tender. Furthermore, it enacted legislation in January mandating all non-Bitcoin assets to secure approval from the national securities regulator.
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