The subtitle is From Gold and Dollars to Bitcoin and Central Bank Digital Currencies and the author is Nik Bhatia (2021).
And further down the bitcoin rabbit hole we go. This one was a short and easy read that looks at the history of money and how bitcoin can/does represent what gold used to be. In particular, the author thinks about money in terms of layers. The first layer, which is the primary asset without counterparty risk, used to be gold (as an example). And each layer removed (gold certificates being next) carries slightly more risk, as it represents someone else's liability. When we moved past the gold standard period, and into the era of dollar dominance, the first layer has been US Treasuries (even though they are actually liabilities of the US government), from which the Fed issues reserves to private banks as a second layer, who then make loans to retail customers as a third layer.
While less explicit in taking an Austrian view of things, the author definitely believes that the Fed has gone off the rails with its dollar creation (particularly since 2007), and that the world is primed for a new reserve currency asset -- of which bitcoin is a clear and obvious choice. No one controls it, it is government-free, and also universally accessible with a computer. Also, as compared to M. Ammous, he notes that the evolution of the Lightning Network has created greater efficiencies for bitcoin to be used in retail transactions.
And we learn a little more...
