The Bitcoin Standard, written by Saifedean Ammous and published in 2018, is a comprehensive and enlightening book that delves into the world of Bitcoin. In a similar vein to The Internet of Money series by Andreas M. Antonopoulos, the book focuses on the “why” of Bitcoin rather than how it works on a technical level. Written from the perspective of Austrian economics, it provides readers with a deep understanding of the history of Bitcoin, its underlying economic and financial principles, and its potential future impact on global society.
The author’s writing style is engaging and easy to follow, making complex concepts accessible even for those who are new to the subject matter. Ammous begins by providing an overview of money throughout human history, explaining how various forms of money such as seashells, rai stones, silver, gold, and fiat money have evolved over time in response to technological advancements and societal needs. This historical context sets the stage for a thorough examination of Bitcoin’s philosophical underpinnings, its unique properties as digital gold, and its potential to replace the current fiat standard.
Ammous also explores the potential implications of Bitcoin on global finance, including its role in international trade, remittances, and as a reliable store of value for those seeking a hedge against economic mismanagement by political entities. Despite the book’s age, the author’s optimism for the future still feels as fresh and relevant as ever, providing readers with a clear understanding of the potential benefits and challenges that lie ahead.
One of the key strengths (and slight weaknesses) of The Bitcoin Standard is the author’s strongly opinionated and confrontational writing style. Ammous correctly emphasizes the importance of sound money as a cornerstone for economic stability and growth, arguing that Bitcoin’s decentralized nature makes it immune to the issues faced by traditional fiat currencies such as inflation and political manipulation.
However, while the book’s aggressive writing style can be very effective at times, it also ends up being a bit of a double-edged sword. Ammous makes it very clear that he absolutely despises Keynesian economics and while I found his criticism of Keynesian economics through its role in funding endless wars and triggering economic recessions to be quite enlightening, his takes on more subjective topics like modern art, popular music, and the rate of technological innovation seemed like a bit of a reach. The fact that he isn’t afraid to hurl ad hominem arguments against John Maynard Keynes and his supporters doesn’t really help the cause either.
That being said, this is a minor issue and I found the value of what I learned to be much greater than dealing with some of the book’s subjectivity. I still highly recommend The Bitcoin Standard as an essential read for anyone interested in gaining a deep understanding of the philosophical foundations of Bitcoin and its implications for global society. With its comprehensive coverage of Bitcoin’s historical context and its future possibilities, this book offers readers the knowledge they need to make informed decisions about their involvement with Bitcoin and cryptocurrencies in an ever-changing world.
An audiobook version of The Bitcoin Standard narrated by actor and professional narrator James Fouhey was also published in 2018. After reading the book, I listened to the audiobook version and found it to be equally enjoyable. In particular, Fouhey’s narration is refreshingly clear and easily understandable with an air of confidence befitting the book’s ideas.