The Bitcoin Layer The Philosophy of Bitcoin & Fiat: Credit, Justice, & Sound Money
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Oct 13, 2025 
Pascal Hügli, an author and podcaster focused on Bitcoin and finance, discusses the philosophical tensions between Bitcoin and the fiat credit system. He explores how stablecoins and central banking reshape money creation and argues that the current credit system is unjust due to centralized control. Pascal presents Bitcoin as a potential relief valve for fiat debasement and highlights the need for an elastic monetary layer on Bitcoin. He also delves into the implications of stablecoins on bank credit creation and the evolving landscape of monetary intermediation.
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Book Sparked By A Mexican Billionaire
- Pascal Hügli describes how his book formed after interviewing Mexican billionaire Ricardo Salinas about Bitcoin and government.
- That conversation inspired a book combining Salinas's experience with Pascal's own ideas on realistic Bitcoin adoption.
Understand System Before Judging
- Pascal frames his approach as value-neutral: he wants to understand the system rather than simply blame actors.
- He aims to explain systemic dynamics so readers can draw their own conclusions about Bitcoin's role.
Institutional Money Creation As Injustice
- Pascal calls institutionalized money creation the core injustice because most people lack access to the levers of money issuance.
- He sees the system as emergent and unfair, prompting him to study how it might evolve.