'Bitcoin Standard' author will now advise El Salvador President Nayib Bukele

Saifedean Ammous said that he is optimistic on El Salvador becoming debt free in five to ten years if it accumulates Bitcoin

By Shashank Bhardwaj

Published: May 31, 2023 07:14:45 PM IST

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Saifedean Ammous

Saifedean Ammous, the author of The Bitcoin Standard, has been appointed as the newest economic adviser to the National Bitcoin Office of El Salvador (ONBTC).

The news broke out on May 30 when ONBTC announced the joining of the Austrian economist as the team’s adviser for various economic policy related matters.

ONBTC tweeted, “When the author of the Bitcoin Standard met the leader of Bitcoin Country, great things were bound to happen” ending the post with “Welcome to the winning team, Dr Ammous!”

The National Bitcoin Office of El Salvador was formed in November 2022 by Bukele for managing all crypto-related affairs.

Director of the ONBTC, Stacy Herbert, said that Saifedean will be working as a remote adviser, “adding another voice and opinion to the advice that the President receives as Bitcoin Country continues to grow rapidly over the coming months and years.”

Ammous tweeted on Tuesday that he was “excited” to work in the office in “the first country to adopt a Bitcoin standard!”. He spoke his view with a local newspaper on the Bitcoin strategy of the nation and revealed what he plans on bringing to the table.

He said, “What makes Bitcoin unique is that it gives you the opportunity to have a strong asset that doesn’t depreciate over the years.”

Ammous further said that he was confident about the “possibility that El Salvador will be free from debt in five to ten years” and that the country has a “large potential to be a hub of innovation.”

“If you have money that depreciates over time, there is no point in saving and it makes sense to get into debt,” he added. “If you continue to accumulate Bitcoin for the next five years, there is a good chance that El Salvador will be debt free.”

He also met President Nayib Bukele and shared his thoughts on some of the initiatives presented by him, like the zero tax for technological companies.

The National Bitcoin Office said that Ammous recently travelled to El Salvador for a development program, CUBO+ , which teaches locals the code and concepts of Bitcoin and Lightning Network.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash