Our friend Claudio Grass of Precious Metal Advisory Switzerland was recently interviewed by the X22 Report on cryptocurrencies and gold. He offers interesting perspectives on cryptocurrencies, bringing them into context with Hayek’s idea of the denationalization of money. The connection is that they have originated in the market and exist in a framework of free competition, with users determining which of them will be winners and losers.
Claudio stresses that the decentralization of these currencies in particular is a crucial development. It cuts out countless middlemen, who are often protected by state-granted privileges. The blockchain they are based on is a model that is not only useful for competing currencies, but for a great many other things as well. Increased decentralization means more choice, fewer restrictions, more competition and lower costs.
There is a lot more – here is the podcast:
