We can thus understand why nineteenth‐century sound money economists like Menger focused their understanding of money's soundness on its salability as a market good, whereas twentieth‐century sound money economists, like Mises, Hayek, Rothbard, and Salerno, focused their analysis of money's soundness on its resistance to control by a sovereign. Because the Achilles heel of 20th century money was its centralization in the hands of the government, we will see later how the money invented in the twenty‐first century, Bitcoin, was designed primarily to avoid centralized control.
