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check out this paper by hayek arguing for denationalization of currency. free market doesn’t mean no control over creation of currency, just that they are created and traded by private enterprise instead of gov/central banks

https://en.m.wikipedia.org/wiki/The_Denationalization_of_Mon...

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Most cryptocurrency proponents studiously avoid Hayek and other Austrians' conclusions that private currency would need backing with commodities to be credible, and that loans were the most appropriate model for private currency providers to make a profit though.

yea because Hayek wanted to create an actual viable market of competitive currencies while the vast majority of cryptocurrencies today are pump n dump schemes with little to no economic thought put into them and no long term business model. why would u want to peg and limit the value of your currency when there’s a chance you can get T-Pain to blow it up sky high on hype, you sell off and make your profit that way instead of the long term profitable way of loaning money and arbitraging interest rates the way banks do now. Hayek’s thesis is still very relevant and becoming moreso in my opinion as central banks further distort the markets through unprecedented (pre 2008) actions such as direct liquidity injections through trillions in bond purchases

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