灰度Grayscale稳定币的崛起2023英文版19页

HOLDING STEADY:THE RISE OF STABLECOINSStablecoin Primer grayscale.comGRAYSCALE INSIGHTS | MARCH 2023In 1976, economist Friedrich Hayek wrote a paper titled “The Denationalization of Money,” where he argued that allowing private currencies to compete with each other would create a more stable monetary system. Hayek reasoned that, unlike technology, the organic evolution of money was interrupted by the emergence of government-controlled currencies, and that government intervention in the system has led to instability and inflation. Hayek imagined a world with a competitive market for private currencies, each backed by a variety of assets; a world where the value of each currency would be determined by supply and demand rather than the decisions of various sovereign entities.Today, proponents of Bitcoin like to reference Hayek. After all, the introduction of Bitcoin partially represents a move in the direction of what Hayek may have envisioned: a denationalized currency that isn’t direct