Hayek was convinced that monetary policy shouldn't be an essential tool of the government (or the fed) because no government is capable of pin pointing the exact quantity of money needed for the economy to function efficiently. Competition is needed in this space for sure and I see cryptocurrencies as way to achieve it. It would make the economy work much better.
The need to end government monopoly on issuing money
Hayek was convinced that monetary policy shouldn't be an essential tool of the government (or the fed) because no government is capable of pin pointing the exact quantity of money needed for the economy to function efficiently. Competition is needed in this space for sure and I see cryptocurrencies as way to achieve it. It would make the economy work much better.