08 Nov '12, 8pm

ECB: Bitcoin Rooted In Austrian School Of Economics

ECB: Bitcoin Rooted In Austrian School Of Economics

The ECB (European Central Bank) has produced the first official central bank study of the decentralized cryptographic money known as bitcoin, Virtual Currency Schemes . Ignoring for a moment the ECB's condescending and derogatory use of the virtual currency phrase and scheme phrase, the study produced at least one landmark achievement. In claiming that "The theoretical roots of Bitcoin can be found in the Austrian school of economics," the ECB forever linked Bitcoin to the proud economic heritage of Menger, Mises, and Hayek as well as to Austrian business cycle theory . This recognition is also a direct testament to the monetary theory work of Friedrich von Hayek who inspired many with his 1976 landmark publication of Denationalisation of Money . Bitcoin fully embodies the spirit of denationalized money as it seeks no authority for its continued existence and it recognizes...

Full article: http://www.financialsense.com/contributors/jon-matonis/ec...

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