Yesterday, the National Bitcoin Office of El Salvador announced the appointment of Saifedean Ammous, a Palestinian-born assistant professor of economics at the Lebanese American University. Ammous, who also holds a PhD in Sustainable Development from Columbia University, is known to a wide audience for his best-selling books on economics, "The Bitcoin Standard," "The Fiat Standard," and the most recent one, "The Principles of Economics."
"Dr. Ammous recently traveled to El Salvador to lecture students of the inaugural Cubo, the prestigious Bitcoin and Lightning development program. Afterwards, Saifedean met with President Nayib Bukele and shared his thoughts on the remarkable benefits of the policy of economic liberty," The Bitcoin Office tweeted yesterday, adding, "When the author of the Bitcoin Standard met the leader of Bitcoin Country, great things were bound to happen. We are excited to announce that Saifedean is joining us as Economic Advisor to the National Bitcoin Office of El Salvador."
According to The Bitcoin Office, "Dr. Ammous has declined any remuneration for the role and is interested only in supporting President Bukele's bold policy of economic liberty and Bitcoin."
"I believe that over time, Salvadoran people will seek to accumulate more Bitcoin than in other countries, due to the publicity about it and other things that the Government has done to facilitate learning to use this type of technology," Ammous told local news platform Diario El Salvador. The famous author added, "I also think that the big benefits will come from the reserve of assets that the Government has in Bitcoin. Over time, this will show that the alternative of accumulating Bitcoin in the national treasury is better than issuing bonds."
"Individuals in the fiat world go into debt to buy a house, to buy a car, in the same way, governments go into debt because if they keep the money, it depreciates over time and they are damaged. And in this case, if you do not save the money and lend, you are protecting yourself against inflation. The fiat system forces everyone into debt, basically debt slaves, and puts you in a risky position if you miss a couple of payments. Especially in governments this spells catastrophe," Ammous said, explaining the importance of "strong money like Bitcoin."
The economist also stressed the role of Salvadoran president Nayib Bukele’s introduction of zero taxes for technology companies in turning the country into a center of innovation.
Ammous sees great potential in a Bitcoin reserve and Bitcoin bond to help El Salvador become debt-free, though, he stresses, it could take five to ten years to achieve such effects.
Bukele's current Bitcoin team includes television presenter Stacy Herbert and her spouse, American broadcaster Timothy Maxwell Keiser, aka Max Keiser, who has recently publicly labeled XRP, Ripple’s digital asset, as a "sh*tcoin." Keiser, who is known for his Bitcoin maxi opinions, tweeted that this definition of XRP is the official "legal position in El Salvador."