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In his new book, Better Money: Gold, Fiat, or Bitcoin?, Lawrence H. White, professor of economics at George Mason University, cuts ‘through the hyperbole to frankly compare the pros and cons’ between our current fiat system, the gold standard, and alternative monies such as Bitcoin. In Better Money, Professor White explores the intersection of alternative monies and economic opportunities, particularly around limited government and regulation.

“We’ve been living for five-plus decades in a world where the predominant monies are fiat monies. The gold standard has been gone since 1971. Bitcoin is an attempt to introduce a private currency that is unlike any private currency in the past,” White explains. “It’s not a commodity, it’s not redeemable for a commodity, but in some ways, it is reminiscent of the gold standard because it assures its customers that it won’t lose its value by being highly expanded.”

Professor White

The historical perspective and lessons learned from the gold standard can provide backers of alternative currencies like Bitcoin valuable insight. With the rise of inflation rates of the dollar, the euro, and numerous other currencies across the globe, Better Money attempts to bridge the gap of knowledge between these three economic systems.

In his book, Professor White provides the reader with accessible supply-and-demand analysis to explain how the economic standards work, evaluating the relative merits of each economic system, and uses historical evidence of market and government oversight to allow for an informed comparison.

Lawrence H. White specializes in the theory and history of banking and money. Better Money: Gold, Fiat, or Bitcoin? is now available through Cambridge University Press.

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