Dr. Saifedean Ammous, renowned economist and author of the influential book “The Bitcoin Standard,” has been appointed as the economic adviser to the National Bitcoin Office of El Salvador. The country’s recent decision to adopt Bitcoin as legal tender has stirred both intrigue and skepticism worldwide, but with the inclusion of Dr. Ammous, El Salvador is sending a strong signal about its commitment to embracing the potential of cryptocurrencies.
Dr. Ammous, recognized for his expertise in monetary systems and the evolution of money, expressed his enthusiasm for the opportunity to work in “the first country to adopt a Bitcoin standard!” Speaking about the unique qualities of Bitcoin, he highlighted its capacity to preserve value over time, thereby offering individuals a chance to possess a strong asset that does not depreciate. This feature, according to Dr. Ammous, is what distinguishes Bitcoin from traditional fiat currencies, which are prone to erosion.
Furthermore, the economic adviser shared a bold prediction: “If you continue to accumulate Bitcoin for the next five years, there is a good chance that El Salvador will be debt free.” This assertion resonates with El Salvador’s ambitious vision of leveraging Bitcoin as a means to improve its economic outlook. With prudent accumulation and management of the cryptocurrency, the nation could potentially overcome its debt burden and set an inspiring precedent for others to follow.
While I think ultimately it will be good for Bitcoin, it could be quite volatile on the up and the downside.
El Salvador’s National Bitcoin Office, established by President Nayib Bukele in November 2022, has made concerted efforts to ensure the country maximizes the benefits of adopting Bitcoin as legal tender. Dr. Ammous, during his recent visit to El Salvador, delivered lectures to Bitcoin and Lightning Network developers, imparting knowledge and technical expertise to locals. This commitment to education and empowerment underscores the government’s determination to integrate its citizens into the world of cryptocurrencies.
It is noteworthy that Dr. Ammous, motivated solely by the opportunity to support President Bukele’s Bitcoin policy, declined any form of remuneration for his role. This selfless gesture further underscores the sincerity of his commitment to advancing the cause of economic liberty in El Salvador.
The inclusion of prominent figures such as Max Keiser, Stacy Herbert, and now Dr. Saifedean Ammous in President Bukele’s Bitcoin team speaks volumes about the growing interest in cryptocurrencies and their potential to transform traditional financial systems. Keiser, a well-known American broadcaster, acknowledged the immense influence of Dr. Ammous’ book, which has “orange pilled” millions, including influential figures like Michael Saylor, who have recognized the value of Bitcoin and are incorporating it into their financial strategies.
El Salvador’s decision to embrace Bitcoin as legal tender has faced criticism from various banking institutions, including the IMF and the World Bank, who raised concerns about potential economic collapse. However, the appointment of Dr. Ammous, coupled with the country’s proactive efforts to educate and involve its citizens, serves as a strong counterargument. El Salvador’s commitment to leveraging Bitcoin as a tool for financial empowerment, combined with the expertise of individuals like Dr. Ammous, may reshape global perspectives on cryptocurrencies and inspire other nations to explore similar approaches.
As El Salvador continues its journey as a pioneer in the crypto sector, the world eagerly watches its progress. The potential for a debt-free future through Bitcoin accumulation and the dedication of experts like Dr. Saifedean Ammous highlight the transformative power of cryptocurrencies, challenging traditional notions of money and finance.