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Is It Time To Decimalize Sats? What Should We Call It?
F. A. Hayek Called It With Monetary Theory in 1986
As witnesses of the monetary transition emergence from hodling bitcoin to stacking sats, this shorty is designed to persuade designating a new term: Saving Standards. What is a Standard you ask?
Actually, before the innovation of bitcoin Nobel Laureate and Austrian Economist F. A. Hayek came up with the term through the application of monetary theory in 1986 as he more fully developed the idea of the Denationalisation of Money.
A case can be made that Hayek recognized the competition in currencies did not mean competing for monetary standards in the marketplace, but rather that one standard would emerge that would compete with government fiat.
In an April 1986 article entitled Market Standards for Money F.A. Hayek refined his thinking of his notable work The Denationalisation Of Money and suggested that a private ‘store of value’ — the standard — would be more likely to overcome the political obstruction to the wholesale denationalisation of currencies, but would be immune from use as a political tool.
