Hard Money and Time Preference

a Bitcoin perspective

Authors

DOI:

https://doi.org/10.30800/mises.2022.v10.1495

Keywords:

Time Preference, Money, Savings, Bitcoin, Fiat Money, Economic Calculation

Abstract

Money is what allows individuals to face uncertainty, by controlling and debasing money, governments of the world shift the time preference of individuals to somewhere closer to the present time. This currency inflation disincentivizes saving with societal consequences that go much beyond economics. By giving back to individuals the possibility of saving, Bitcoin emulates what gold did for a number of centuries and provides a much-needed solution to the interference of governments in the money market. The Bitcoin standard will provide for much higher levels of social development, because it will incentivize and facilitate savings as well as the exercise of proper economic calculation.

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Author Biographies

Saifedean Ammous, Saifedean.com

Dr. Saifedean Ammous is the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling groundbreaking study of the economics of bitcoin. The book was a pioneer in explaining bitcoin’s value proposition as the hardest money ever discovered, and the only working alternative to national central banks for international payments.

Dr. Ammous holds a PhD in Sustainable Development from Columbia University, where his doctoral thesis studied the economics of biofuels and alternative energy sources. He also holds an MSc in Development Management from the London School of Economics, and a Bachelor of Engineering from the American University of Beirut.

Fernando Antonio Monteiro Christoph D'Andrea, Oklahoma State University

Fernando D’Andrea is a PhD Candidate in Entrepreneurship at Oklahoma State University. He studies the economic role of entrepreneurs and how institutions influence entrepreneurship and development.

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Published

2022-11-30

How to Cite

1.
Ammous S, D’Andrea FAMC. Hard Money and Time Preference: a Bitcoin perspective. MisesJournal [Internet]. 2022 Nov. 30 [cited 2023 Feb. 2];10. Available from: https://revistamises.org.br/misesjournal/article/view/1495

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Original Research Articles