Renowned economist Saifedean Ammous delivered a lecture to students at CUBO+, a project supported by the Bitcoin Office, where he shared his expertise on Bitcoin with aspiring programmers in El Salvador.
Saifedean Ammous, a Palestinian economist and author of the book “The Bitcoin Standard,” visited El Salvador on Monday to impart principles of economics to 55 students participating in CUBO+. This training project, initiated by the National Bitcoin Office (ONBTC), aims to equip young Salvadorans with programming skills.
Ammous began his lecture by discussing the definition of money, its historical uses, and the role of Bitcoin in the modern economy.
“Gold was the strongest form of money we knew before Bitcoin. Strong money always wins. The only money that will endure is strong money. If you invest in fiat, your money will lose half of its value in five years,” he said.
“Bitcoin is a peer-to-peer software that operates on a payment network with its native currency, protected against unexpected inflation. It is the strongest form of money ever discovered or invented. It is the only alternative that works against central banks and their international payment systems,” he added.
He also addressed the influence of the cryptocurrency on individuals’ time perspective.
“Bitcoin reduces uncertainty about the future, prompting people to shift their time preference and start thinking more about their future because they are not concerned about the devaluation of their money in the present. When you use fiat money, you spend it because you know your money will lose value,” he pointed out.
CUBO+: An Initiative for the Future
Following the lecture, Mario Flamenco, the person in charge of CUBO+ and a member of ONBTC, explained that Ammous’ conference was part of a preparatory phase for participants in the educational project. During this phase, students from the National University (UES), Don Bosco University (UDB), and Technological University (Utec), as well as professionals already working in the field, were provided with programming and economic fundamentals.
“With this preparatory phase, we will filter those who have more technical skills and interest, so that 25 of them can enter an intensive Bitcoin and Lightning programming period that will conclude in July,” he stated.
The vision is for these young individuals to be able to join technology companies that are coming to El Salvador, encouraged by the new regulations such as the Bitcoin Law and the Digital Assets Law.
“There are numerous Bitcoin and cryptography-related companies with a keen interest in entering El Salvador, and their greatest need is human capital. CUBO+ is the first direct action to specialize potential workers in the Bitcoin programming world,” he mentioned.
This initiative not only provides young Salvadorans with valuable skills but also positions the country as a hub for Bitcoin and digital asset technology, attracting innovative companies and fostering economic growth.
The collaboration between renowned experts like Saifedean Ammous and local educational projects demonstrates El Salvador’s commitment to embracing emerging technologies and shaping a prosperous future for its citizens.