Why Saifedean Ammous is a Bitcoin legend

Greetings,

Rizzo, the Bitcoin Historian here, back this week to unfold the story of the man who wrote the greatest Bitcoin book of all-time – Saifedean Ammous.

Of course, you’ve probably read The Bitcoin Standard and seen Saifedean on social media, but trust me, the behind-the-scenes story of the making of the book, and what drove Saif to write it might be even better.

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OK, let’s dive in. 

Forged By The Failures of Fiat

Saifedean's story begins not with Bitcoin, but with the harsh realities of fiat currency, the Petro Dollar, and the geopolitics that enables it.

Born in Palestine, Saif learned early on about the horrors of government-controlled money. His grandparents had their land stolen by Israel, and were forced to flee abroad with the money they had worked hard to save up. 

As expected, this experience led Saifedean to develop a keen interest in politics, and an acute eye for economics. He saw how the system of debt and lending enabled by institutions like the IMF contributed to his situation.

But it wasn’t until he got his PhD at Columbia, that he became an activist and writer. Saifedean banged away at his keyboard for his college newspaper, the Columbia Spectator, defending Palestine, and arguing U.S. taxpayers were responsible for Israel’s aggression. 

He didn’t hold back, and his brazen perspectives even landed him a profile in the prestigious New York Magazine. 

The Path to Bitcoin

Saifedean’s family history triggered him to search for alternatives to the fiat system. 

Back in 2007, he discovered Heidegger, gold, and Austrian economics. These are the natural destination for a person who finds no solace in the traditional system dominated by the Keynesians, fiat currencies, and bureaucrats. 

But like most of us, when he first heard about Bitcoin in the summer of 2011, he was skeptical. 

In fact, from 2010 to 2013, in what he called a “enormously expensive mistake,” Saifedean tried to create a Bitcoin backed by gold. What the world needed, he thought was an open banking system that allowed transactions like PayPal, but instead of fiat currencies as a reserve, precious metals would do the job. 

The problem, he discovered, was the governments wouldn’t allow individuals or entities to bypass their system.

So, Saifedean kept writing on money and economics. 

Soon, his articles on Occupy Wall Street for the Center for Capitalism and Society caught the attention of another Bitcoin legend, Max Keiser, who offered him a spot on "The Keiser Report." 

Little did he know, this would be a pivotal moment in his Bitcoin journey.

Saifedean began digging deeper into the world of cryptocurrencies, evaluating major altcoins. He wrote a paper titled “Economics Beyond Financial Intermediation: Digital Currencies’ Potential for Growth, Poverty Alleviation, and International Development,” which brought him to one conclusion: only Bitcoin could serve as a true store of value. 

And so began his path as one of the most relentless Bitcoin maximalists. 

The Bitcoin Standard: A Game-Changer

The seminal piece on Bitcoin economics, The Bitcoin Standard, has an unlikely culprit: Saifedean’s wife. 

According to him, after marrying, she noticed the amount of time he was spending arguing online with other people about the ways of our economic world, and that his mind could surely be put to better use than “writing stupid articles on Facebook for three people.”

That led him to his book, and one that he wrote in just three months. 

To say it was well-received would be an understatement. Since being published in March 2018, it has sold over 1 million copies, has been translated to a dozen languages, is known as the “Bible of Bitcoin.”

I remember when I first picked up the book, and what the ecosystem was without it. I don’t know if it answers every question about Bitcoin, but without it, our crazy world of believers would be a lot more difficult to explain.

And if you don’t believe me, a journalist turned Bitcoin historian, perhaps the likes of Michael Saylor will sway you.

The CEO of Microstrategy cites the book as a reason his company bought 200,000 BTC. Saylor has called it a “work of genius,” going so far as to write a foreword for a later edition. 

Orange-Pilling the World

Post-"Bitcoin Standard," Saifedean's influence has continued to grow.

He left his university job in 2019, investing his severance into Bitcoin when it was under $10,000.

Since then, Saifedean’s been on an unrepentant mission: orange-pill the world.

He’s taken on pompous fiat economists, explaining to millions how the fiat system has caused centuries of war and poverty (both of which his direct family are victims of), and how Bitcoin might provide an exit strategy. 

His legendary posts on Twitter exceed even the most toxic of performances: 

Saifedean’s influence is not contained to economics, but has slowly expanded into the cultural and political sphere. He’s convinced Jordan Peterson to get involved, and Senator Cynthia Lummis was inspired by "The Bitcoin Standard" to push for a national strategic Bitcoin reserve.

And let's not forget President Bukele of El Salvador, who became such a fan that he made Saifedean an advisor. (His country is buying 1 BTC every day.)

Today, Saifedean's work continues to shape the Bitcoin narrative. There's even a hotel in Germany that keeps "The Bitcoin Standard" in every room.

Sure, it’s true today some of the most ambitious Bitcoin technologists are trying to move past Saifedean and undermine his contributions. That said, I’m betting “The Bitcoin Standard” and Saif’s work will stand the test of time.

Until next time,
Rizzo

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