Austrian Economists unjust attack on Bitcoin.
I have learned a lot from the Mises academy and Austrian Economics in general. There is in fact very little I’d disagree with that I’ve read from these sources, and I believe everything that came directly from Mises or Hayek themselves is the final word in economics. These great thinkers are rare gifts to humanity, and it’s a bitter injustice that ‘mainstream’ economists ignore them so often.
Sadly, the common opinion of Bitcoin expressed from the Mises Academy’s leaders today is a true exception to this otherwise pure fountain of wisdom. They have stated that Bitcoin can never be a commodity (since it isn’t useful for anything else) and therefore can never be actual money. Then some of them continue on to say that because it can’t actually be money, one should never invest in it, because they are sure the market won’t accept it. (My paraphrasing, but accurate sentiment.)
In short, the hardcore Austrians continue to say that the market won’t accept it, yet the market is valuing each bitcoin today at almost $50 USD, and growing.
Luckily, some others in the Mises crowd don’t go so far as saying that it cannot catch on; but still they don’t spend any time promoting it nor I’d imagine investing in Bitcoin. Here is the common response that most Austrians will point to on Youtube, and I believe it is the one such statement from Mises with the most reviews: Continue reading
Bitcoinfinger 