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Bitcoin Is a Threat to Government-Controlled Money

Today's guest is Brazilian economist Fernando Ulrich, one of Latin America's leading experts on Bitcoin and a longtime advocate of free market economics. His 2014 book, Bitcoin: The New International Currency, helped popularize the cryptocurrency in Latin America, where decades of inflation and government mismanagement have made alternatives to state-controlled money especially appealing. But Ulrich doesn't believe Bitcoin needs to replace the dollar to succeed, and he argues that its greatest contribution may be challenging the government's monopoly on money.

Nick Gillespie spoke with Ulrich at the Winds of Change conference in Buenos Aires, where they discussed why the AI investment boom may be drawing capital away from Bitcoin, whether Javier Milei has delivered on his promise to transform Argentina's economy, and how stablecoins are threatening national currencies. They also explore the Austrian school of economics, the risks of protectionism, and why Ulrich believes Bitcoin can expand individual freedom even if it never becomes the world's dominant currency.

0:00—Is Milei delivering on his economic promises?

4:29—Argentina's central bank

7:35—Bitcoin as a payment system

10:10—Bitcoin's adoption rate and volatility

16:38—Is AI a bubble?

19:03—What does Paul Krugman get wrong about Bitcoin?

23:13—China's relationship with Bitcoin

24:24—Differences between Bitcoin and stablecoins

28:25—Subjective value theory

32:40—The Cypherpunks and the concept of exit over voice

37:49—Will an economic crash accelerate Bitcoin adoption?

40:04—Tariffs and free trade

44:18—Why Bitcoin won't replace all currencies

45:26—Nationalism

48:39—2046 Bitcoin prediction

The post Bitcoin Is a Threat to Government-Controlled Money appeared first on Reason Magazine.

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© Illustration: Fatima Ruiz

Fernando Ulrich appears on the left. Nick Gillespie appears on the right. An image of the Bitcoin logo on a gold coin appears in the center. Bold text across the top of the screen reads "Nobody Controls It."
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Argentina: oficialismo frena debate del DNU 70/23 en el Congreso por falta de quórum

"Una vez más, el oportunismo y la cobardía de algunos se anteponen sobre los derechos de las mayorías", dijo el diputado Jorge Taiana luego de que La Libertad Avanza y aliados sabotearan el quórum de la sesión para debatir el DNU de Milei.
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Repression at Argentina’s University March: Over 30 Detained

Federal forces repressed the mobilization calling for the application of the University Funding Act. According to witnesses, there were possible infiltrators among the protesters. Photo: EFE.

Federal forces in Argentina fired tear gas and turned water cannons on thousands of peaceful demonstrators in Buenos Aires on Thursday, detaining at least 34 people during the fifth Federal University March.


The march demanded implementation of the University Financing Law and denounced a sustained squeeze on public university budgets.

The demonstrations were replicated in dozens of Argentine cities, with students, teachers and university staff joined by unions, social organizations and environmental groups demanding the full implementation of the University Financing Law.

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Protesters also denounced a sustained budget squeeze on public universities and rejected the ninth consecutive appeal filed by Javier Milei’s administration against court rulings that order the transfer of funds to the country’s higher education institutions.

The funding dispute has dragged on for months. Courts have repeatedly instructed the government to hand over the money set aside under the University Financing Law, and each ruling has been met with a new appeal from the national government. Thursday’s march was the fifth federal mobilization in a campaign that has grown beyond campuses to include unions, social organizations and environmental groups.

Beyond the university budget, the crowd voiced opposition to Decree 70/23 and defended the Land Law. Speakers also called for salary increases, relief measures for indebted families and more resources for public institutions.

Arrests and Attacks on Press

According to local media, the police began repression outside the National Congress in Buenos Aires as a response to an incident of a group of about eight people, who started breaking street furniture and throwing objects against the fence surrounding Parliament. Despite being an isolated incident, the gassing affected those who marched peacefully. Witnesses warned of possible infiltrators.

At least 34 people were arrested and one woman was injured. Cameras captured a gas canister hitting her head. “The gas thing fell on my head, I don’t know how I am, I have to go to the hospital,” the woman, who gave her name as Andrea, told reporters covering the march.

For its part, the Buenos Aires City Police said in an official statement that its own force detained six people: two minors, aged 14 and 17, and four adults, three men and one woman, charged with assault and resistance to authority.

Press workers also was targeted. Photographer Guido Piotrkowski, who was covering the march, captured the moment when a Federal Police officer stepped out from behind the fence, aimed and fired at him. “They came out from behind the fences and started shooting; I was taking photos and they fired at us,” he said. “They hit me in the chest, another colleague in the leg, but they aimed directly. They were rubber pellets.”

According to the reports, another worker from a community media outlet had to be treated at a hospital after being hit by at least seven rubber bullets. Cameras from the C5N channel also recorded a man with his face covered handling a backpack in the middle of the square. When the reporter approached to speak with him, the man reacted violently and struck the cameraman.

The fifth Federal University March ended under a cloud of gas. The political dispute over who unleashed the violence now moves to Congress, where opposition lawmakers are pressing the security minister to account for the operation.

No Quorum in Congress

Meanwhile, the Chamber of Deputies failed in its attempt to debate the rejection of the Decree of Necessity and Urgency 70/23, promoted by the government of Javier Milei to support its program, by failing to reach the necessary quorum at the special session convened by opposing parties. Only 121 legislators attended the legislative day, eight fewer than the 129 required to enable treatment in the compound, with a total of 136 absences.

The opposition call gained momentum following an initial ruling by the Supreme Court of Justice that deregulated the sale of land to foreigners under the Decree 70/23, although a subsequent decision by the court itself temporarily restored the rule, argument that they used allied sectors to avoid attending the session. In parallel, the Government negotiated to include a cap on land sales to foreigners in the Inviolability of Private Property project, which was scheduled for debate on October 21.

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Represión en Argentina: infiltrados, hidrantes y gases contra la quinta Marcha Universitaria

Fuerzas federales reprimieron la movilización que reclamaba la aplicación de la Ley de Financiamiento Universitario. Según testigos, entre los manifestantes había posibles infiltrados. La sesión de Diputados por el DNU 70/23 se cayó por falta de quórum.
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