62. El Salvador on The Bitcoin Standard
The Bitcoin Standard Podcast
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Bitcoin Is a Form of Money
In El Salvador, Bitcoin has been declared legal tender. This is a vindication of Menger and Mises on their ideas of how money emerges. The state theory of money views money as a creation of the government. And that's a theory that continues to get abused over time. But this experiment in El Salvador offers us an empirical test of the importance of legal tender laws.
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