El Salvador has made headlines in the cryptocurrency world recently after becoming the first country to adopt Bitcoin as legal tender. In line with this move, President Nayib Bukele has appointed Saifedean Ammous, author of the book “The Bitcoin Standard” and well-known Bitcoin maximalist, as an economic advisor to the National Bitcoin Office of El Salvador. The office is responsible for overseeing all Bitcoin-related projects in the country and coordinating with other countries on initiatives related to the asset.
Appointment of Saifedean Ammous
In his new role, Saifedean Ammous will advise on various economic policies while supporting President Bukele’s policy of “economic liberty and bitcoin,” according to a statement from the Bitcoin office. President Bukele met with Ammous last week to discuss a range of topics including economics, hydroponics, cattle breeding, and urban planning, as per a retweeted Twitter post from the author’s account. During his stay, Ammous also lectured students of El Salvador’s Bitcoin and Lightning developer program, Cubo+.
Austrian economics, a school of thought that advocates for minimal to no government intervention in the economy and allowing the free market to determine the price of goods and services, is one of Ammous’s areas of expertise. In his book, “The Bitcoin Standard,” he makes the case for why the world would fare better on an Austrian model and 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.
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.
Saifedean Ammous’s appointment as an economic advisor to the National Bitcoin Office of El Salvador is a significant move for the country’s Bitcoin policy. His expertise in Austrian economics and maximalist views on Bitcoin align with President Bukele’s vision of economic liberty and Bitcoin. With Ammous’s guidance, El Salvador may continue to lead the way in Bitcoin adoption and set an example for other countries to follow.