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Austrians Who Say Bitcoin is Impossible Because of the Regression Theorem

Related:

I always saw the promise in BTC, from the beginning. Even spoke at one of the first conference, in 2013. 1 But I wrongly assumed that the state would realize this and if when it became a threat, it would ban it. 2 So I didn’t buy because I was too confident in the state’s competence. As I tweeted here, “A friend: “It seems counterintuitive to me that the fed and other regulators seem mostly indifferent to the existential threat that bitcoin represents to the world reserve currency status of USD.” Me: for one, they are stupid, for another, they don’t care about the future–short term thinking. It’s why I was wrong in 2013 or so and wrongly assumed the FedGov was smart and evil and competent and would ban BTC as soon as it became a threat (stephankinsella.com/2025/07/austri). They are just evil and stupid. They have short time preference because they dont “own” the state so they don’t care that BTC is a threat in 10 years. (See Hoppe’s Democracy.)” But I never bought into the flawed “it’s impossible because regression theorem” argument.

Most austro-libertarians are for sound money and for this reason are also pro-bitcoin (BTC), or at least are ambivalent and admit they do not fully understand it—such as Hoppe, who has features pro-bitcoin speakers at the PFS several times:

Some others, especially initially, argued that it was “impossible” because bitcoin “violates the regression theorem” or something. Work in progress—

Not yet sorted/classified

Bitcoin Does Not Violate Regression Theorem

For arguments that Bitcoin can be money and does not violate the regression theorem:

Bitcoin Violates Regression Theorem/Cannot Be Money

I’ve lost track of all those who made the argument that it is impossible for various reasons, but here are a few who have expressed skepticism:

  1.  KOL085 | The History, Meaning, and Future of Legal Tender (Crypto-Currency Conference, Atlanta, 2013). []
  2. Bitcoin Confiscation vs. Gold Confiscation; also Musings on Fractional-Reserve Banking in a Bitcoin Age; Physicalist Shock Absorber Metaphors; Am I a Bitcoin Maximalist?; Cocky ruminations about why Bitcoin is not “ownable” “property”[]
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