Introduction

Summary

The rise of inflation rates around the world has rekindled debate over alternative monetary systems. What options do we have for better money? The gold standard is an alternative with a long history, while Bitcoin is a new contender. Would a decentralized gold standard or Bitcoin standard outperform the current system of fiat money issued by a government central bank? Unlike accounts of the gold standard or of Bitcoin that are one-sided works of advocacy, and unlike accounts of fiat money that are published by central banks, Better Money: Gold, Fiat, or Bitcoin? provides a nuanced and hype-free discussion. Written by a pioneering economist in the study of alternative monetary institutions, it explains how gold, fiat, and Bitcoin standards differ in terms of their supply mechanisms. Drawing insights from monetary theory and comparative history, it evaluates the three standards on their relative merits. It is essential reading for anyone interested in the future of money or in proposals for fundamentally reforming our monetary system.