|Last week, President Trump openly attacked the cryptocurrency Bitcoin in a fiery tweet, after which Bitcoin’s price tumbled. A few days later, U.S. Treasury Secretary Steven Mnuchin called Bitcoin a “national security issue.”
Dr. Saifedean Ammous understands their fears, but does not share their hostility.
In his book The Bitcoin Standard: The Decentralized Alternative to Central Banking, Dr. Ammous writes: “If Bitcoin continues to grow and capture a larger share of the global wealth, it may force governments to become more and more a form of voluntary organization, which can only acquire its ‘taxes’ voluntarily by offering its subjects services they would be willing to pay for.”
The Cato Institute’s Dr. George Selgin also favors a free market in money. But he disagrees with Ammous, arguing that Bitcoin’s limited supply makes it unsuitable as a monetary standard for any economy.
On Monday, August 12, the Soho Forum will host a debate on the future of Bitcoin. Dr. Selgin will take the affirmative, and Dr. Ammous the negative, on the resolution: Bitcoin is poorly suited to the purpose of becoming any nation’s main medium of exchange.
We hope to see you there!
Doors open: 5:45pm
You don’t want to miss out! Tickets must be reserved in advance.