Mises Institute Who Really Invented Bitcoin?
Jul 5, 2025
The origins of Bitcoin are traced back to F.A. Hayek's groundbreaking economic theories from the 1970s. The critique of central bank control and Keynesian policies reveals the pitfalls of government-managed currencies. Hayek's call for monetary freedom is more relevant than ever, especially amidst rising inflation and increasing crypto regulations. The discussion highlights the potential of cryptocurrencies as a path to financial liberation while examining historical shifts in money that have stifled innovation.
AI Snips
Chapters
Books
Transcript
Episode notes
Hayek's Stagflation Insight
- Friedrich von Hayek foresaw the flaws of Keynesian inflationism during the 1970s stagflation crisis.
- He argued that government control of money leads to inflation, economic instability, and lost real wages for workers.
Denationalize Money for Stability
- Hayek called for denationalizing money by repealing legal tender laws and encouraging competing private currencies.
- He believed this would protect sound money from political interference and government abuses.
Money's Frozen Evolution
- Hayek observed money's development was frozen by governments after its primitive origins.
- He concluded that monetary policy has historically caused more harm than good, requiring removal of government control.
