The Austrian school of economics provides a theoretical framework for understanding the value of Bitcoin from "summary" of The Bitcoin Standard by Saifedean Ammous
The Austrian school of economics is a school of economic thought that emphasizes the importance of individual action and the subjective nature of value. According to this school of thought, value is not an objective property that exists in the world, but rather it is something that is determined by individuals based on their own preferences and perceptions. Bitcoin, as a decentralized digital currency, fits well within the framework provided by the Austrian school of economics. The value of Bitcoin is not determined by any central authority or government, but rather by the collective actions of individuals participating in the network. This aligns with the Austrian school's emphasis on individual action and decentralized decision-making. Furthermore, the Austri...
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