This is a research article published by Simon Butler. I can't believe I have never seen this before. It is a very well written and researched explanation of bitcoin's place in monetary history.
I wasn't sure which territory to post this in, but I ultimately decided econ was most appropriate.
Before discussing bitcoin, Butler explains the history of money. He delves into the commodity versus claim theories, metallism, Adam Smith(in particular how States can and do debase money), the 20th century battles between Keynes and the Austrians, and the more modern nonsense derived from Chartalist theory known as Modern Monetary Theory.
Finally, Butler discusses bitcoin's place in this history. I guess you can characterize it as a libertarian defense of bitcoin.
Bitcoin is in effect deflationary, as users invariably lose access to some Bitcoins over time. This deflationary policy is a political statement aligned with the Austrian theory of money and establishes Bitcoin as hard money in contrast to the soft money of the state (Hayes, 2019).
Ultimately, he doesn't pigeonhole bitcoin as somehow "right or libertarian."
I love this quote he cited:
Bitcoin is fascinating precisely because it demonstrates many of the contradictions and confusions that characterize money, and its relationship to law and the state, in general. Bitcoin is both a symptom of increasing monetary pluralism in the advanced capitalist societies, and an embodiment of monetary diversity in its own right. Like money itself, Bitcoin is multi-faceted, politically contested and sociologically rich in its functions and meanings. (Dodd, 2017: 36)
There is so much more to this article. My few notes don't do it justice. I encourage anyone interested in bitcoin from a monetary theory perspective to read it.