'The Bitcoin Standard' Author Is Now El Salvador President Nayib Bukele's Economic Advisor — And For Free

Saifedean Ammous, the Austrian economist known for his book “The Bitcoin Standard”, has been appointed as the latest economic advisor to El Salvador’s National Bitcoin Office (ONBTC). 

What Happened: The move follows El Salvador’s announcement in November 2021 that it had become the first country to adopt Bitcoin BTC/USD as legal tender.

In an early morning tweet, the ONBTC announced the addition of Ammous to its team: “When the author of the Bitcoin Standard met the leader of Bitcoin Country, great things were bound to happen. Welcome to the winning team, Dr Ammous!” The tweet was accompanied by a photo of Ammous meeting with the Salvadoran president.

Ammous confirmed the appointment in an interview with a local newspaper, Diario El Salvador, where he discussed El Salvador’s Bitcoin strategy and his intentions for his new role. He expressed confidence in the country’s “large potential to be a hub of innovation”, adding that he is impressed by initiatives such as the zero tax for technological companies. He believes that these will help attract foreign investors to El Salvador and spur the growth of its nascent crypto industry.

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Why It Matters: Furthermore, Ammous revealed that he envisions El Salvador as being free of debt within five to ten years, thanks to the government’s adoption of Bitcoin and its plans for crypto-based initiatives.

As for his new role at the ONBTC, Ammous has requested to serve solely as an advisor to the president and he has declined payment for his services.

Price Action: At the time of writing, BTC was trading at $27,183.79, down 1.93% in the last 24 hours, according to Benzinga Pro.

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