The Bitcoin Standard by Saifedean Ammous

The only two things that are truly scarce in the world are Bitcoin and time.

Saifedean Ammous

This man is a carnivorous beast. The Bitcoin Standard by Saifedean Ammous is the standard for Bitcoin/Economics books.

If you’re new to Bitcoin or The Austrian School of economics, The Bitcoin Standard is the tool for understanding the industry from the perspective of some of its most ardent believers. If you’re a student of the Austrian School already, there is more to learn still. Most notably is the idea of how money relates to your personal time preference.

It’s no secret that modern societies are built on credit, low interest rates, and a regularly printed currency to keep the masses spending. But what people don’t realize is the effect cheap money has on them. Fiat money is turning wolves into sheep. This is the single frame of mind that makes the book so eye-opening for me.

Everyone is fixated on working for the weekend, the next iPhone, or the next vacation. And why not? Why save money when you’re holding money that is worth less in ten years than it is now, why save it? The incentive of fiat money tilts users towards spending now and selling the future of the present.

Cheap money, and cheap souls; the psychological significance of cheap money, is the weakness of the modern era.

I’ve said it before. Money is an economic container for time. And you’ve been sold a leaky bag. Bitcoin and other hard forms of money is one cure. When you hold real assets, you go from the consumer to the investor mindset. The perspective shift happens goes from short-term thinking to longer-term thinking, to generational thinking, and lasting wealth.