Renowned economist and author of “The Bitcoin Standard,” Dr. Saifedean Ammous, has taken up the role of economic advisor to the National Bitcoin Office of El Salvador. The appointment, announced on May 30, highlights the country’s commitment to incorporating Bitcoin into its economic policies.
El Salvador’s new member will act as its economic advisor
Dr. Ammous gained prominence with the publication of his book in April 2018. “The Bitcoin Standard” delves into the transition from solid stores of value to fiat currencies and inflated assets. It explores the history of money and how civilizations have evolved with their monetary systems.
Expressing his enthusiasm for the new position, Dr. Ammous tweeted his excitement about working in the office of “the first country to adopt a Bitcoin standard!” He believes that Bitcoin’s unique characteristic of maintaining its value over time makes it an attractive asset, unlike traditional currencies that tend to depreciate. In his view, if individuals continue to accumulate Bitcoin over the next five years, there is a strong possibility that El Salvador could become debt-free.
During a conversation with local media outlet Diario El Salvador, Dr. Ammous emphasized that holding a depreciating currency discourages savings and encourages debt. He sees Bitcoin as a powerful alternative that can change this dynamic, providing individuals with a strong asset for wealth preservation.
The appointment highlights the country’s commitment to crypto integration
The National Bitcoin Office (ONBTC) revealed that Dr. Ammous recently visited El Salvador to deliver lectures to students participating in CUBO+, a program for Bitcoin and Lightning Network developers. His objective was to educate locals about the intricacies of Bitcoin’s code and concepts.
In addition to his engagement with the student community, Dr. Ammous also had the opportunity to meet with President Nayib Bukele. During their meeting, he shared his insights on the remarkable benefits of embracing economic liberty.
It is worth noting that Dr. Ammous declined any remuneration for his role as an economic advisor, stating that his primary focus is to support President Bukele’s Bitcoin policy. The National Bitcoin Office, established by President Bukele in November 2022, oversees all crypto-related matters in the country.
Dr. Ammous joins a team that includes prominent figures such as American broadcaster Max Keiser and television presenter Stacy Herbert. Keiser, known for popularizing the term “Orange Pill,” believes that Dr. Ammous’ book has had a profound impact, inspiring influential individuals like MicroStrategy founder Michael Saylor to add Bitcoin to their portfolios.