Presented at Bank of Italy, Rome
Bitcoin has enabled competition between cryptocurrencies and traditional legal tender fiat currencies. Despite rapidly increasing acceptance, so far the affirmation of cryptocurrency as better money has been thwarted by dramatic deflationary price instability. Successful at disposing of any central monetary authority using the Bitcoin protocol, the bitcoin currency has accidentally thrown away the flexibility of a fully automatic non-discretionary monetary policy allowing for elastic supply of money.
A cryptocurrency adopting elastic monetary supply is Hayek Money: the new good money standard providing stable prices for a new economic era.
Human civilization moved from barter to money thousands of years ago. We now have a chance to move from money to good money; this is the magnitude of the revolution made possible by the Bitcoin protocol: Hayek Money, the good money standard providing stable prices for a new economic era.