Dr. Saifedean Ammous thinks El Salvador will be debt free if it accumulates Bitcoin for the next five years.
The author of an explanatory book about Bitcoin called The Bitcoin Standard, has been appointed the economic adviser to the National Bitcoin Office of El Salvador.
On May 30, the Office announced that the Austrian economist had joined the team as its advisor for matters related to various economic policies.
Dr. Ammous’ now-famous book was first published in April 2018. It analyzes the transition between solid stores of value to inflated assets and fiat currencies, traces the history of money and aims to show how civilizations have changed with their monetary systems.
Regarding the new position, he tweeted on May 30 that he was “excited” to work in the office in “the first country to adopt a Bitcoin standard!”
Speaking to local media outlet Diario El Salvador on May 30, Ammous said, “What makes Bitcoin unique is that it gives you the opportunity to have a strong asset that doesn’t depreciate over the years.”
“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.”
The National Bitcoin Office (ONBTC) reported that Dr. Ammous recently traveled to El Salvador to lecture students of CUBO+, a Bitcoin and Lightning Network developers program to teach locals the code and concepts.
He also met with President Nayib Bukele and shared his thoughts on the “remarkable benefits of the policy of economic liberty.”
The ONBTC stated that Dr. Ammous declined any remuneration for the role and was only interested in supporting President Bukele’s Bitcoin policy.
El Salvador’s National Bitcoin Office was created in November 2022 by Bukele to manage all things crypto-related.
American broadcaster Max Keiser and television presenter Stacy Herbert are also part of Bukele’s Bitcoin team, in addition to the recently appointed professor.
Max Keiser commented that The Bitcoin Standard “‘Orange Pilled’ millions, including [MicroStrategy founder Michael Saylor] and many corporate and financial heavyweights who keep adding Bitcoin to their coffers daily.”