The Austrian School of Economics, born in Vienna in 1871 with Carl Menger and his subjective theory of value, was largely forgotten after Keynes prevailed. Friedrich Hayek reignited the debate in 1976 by questioning the state’s monopoly on money. Bitcoin, with its fixed supply capped at 21 million units and no central bank, almost perfectly embodies the Austrian ideal of sound money, to the point that the ECB itself acknowledged this as early as 2012. Yet Bitcoin presents a fundamental paradox: according to the rule that Mises himself established on the natural emergence of money, the protocol should not even be able to exist.
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