Yale-NUS professor explores the philosophical dimensions of Bitcoin in new book

As digital currencies reshape our understanding of financial systems, Yale-NUS Associate Professor of Humanities (Philosophy) Andrew Bailey does a deep dive into the significance of Bitcoin in his new book, Resistance Money: A Philosophical Case for Bitcoin. Released on 14 June this year, the book examines Bitcoin’s monetary policy, censorship-resistance, privacy, inclusion, and energy use to develop a comprehensive and measured case that Bitcoin is a net benefit to the world, despite its imperfections.

Resistance Money: A Philosophical Case for Bitcoin. Image provided by Andrew Bailey.

Assoc Prof Bailey embarked on this intellectual journey with his co-authors, Associate Professor of Philosophy at the University of Wyoming Bradley Rettler and Associate Professor of Philosophy at Northern Illinois University Craig Warmke, sparked by their shared interest in Bitcoin. “We’d each been individually thinking about Bitcoin for years. But it became increasingly clear that this was a topic that should take centre stage in our teaching and research,” Assoc Prof Bailey shared.

Beginning with articles, their collaborative effort soon blossomed into a comprehensive book, aimed at making a philosophical case for Bitcoin. Resistance Money provides information on the financial, social, and environmental costs of Bitcoin, how these costs are sometimes exaggerated and how they might be mitigated; the strongest arguments against Bitcoin and how some succeed but most come up short. The professors also gave a presentation on Bitcoin at the Bitcoin Policy Summit 2024 which included some themes from Resistance Money, and more recently a panel discussion with some background on the book and how they came to write it.

Assoc Prof Bailey mentioned, “I’ve been teaching an interdisciplinary module called “Money” for some years now, and it has usually featured some discussion of Bitcoin. Last term, I taught a class (“The Philosophy and Economics of Bitcoin”), which is all about Bitcoin, using this book as its core text. This is one of those happy zones where teaching and research fit.” This seamless integration of teaching and research exemplifies the interdisciplinary ethos of Yale-NUS, a vibrant academic environment where theory synthesises with practical application.

For those who may be unfamiliar with Bitcoin and struggle to see its relevance in non-financial contexts, Assoc Prof Bailey highlighted its pertinence to current global scenarios such as sanctions and humanitarian efforts. He believes that regardless of one’s stance on Bitcoin, understanding its role and mechanics is crucial.

A key objective of writing the book, according to the authors, is to equip their readers with the necessary tools to form their own well-informed opinions. “The book is rigorous but accessible; Resistance Money is intended for all, from the clueless to the specialist, from the proponent to the die-hard sceptic, and everyone in between,” he asserted.

Moving forward, Assoc Prof Bailey is enthusiastic about continuing his research on digital currencies. Along with his co-authors, he plans to further explore financial justice, the environmental impacts of Bitcoin mining, and the metaphysical aspects of the digital realm: “We are also working on a variety of projects in the world of policy, especially with the Bitcoin Policy Institute (a think tank based in the United States), and are excited at the chances we’ve had to speak to lawmakers and journalists who want to go beyond the headlines and engage actual academic researchers about Bitcoin and its consequences for the future.”

The book also celebrates the innovative spirit of academic inquiry at Yale-NUS. Assoc Prof Bailey shared, “I am grateful for the chance to offer integrated and interdisciplinary modules here at the College. They have been a great joy to me; thinking with students about things that matter using whatever tools we find useful – as one does in an interdisciplinary setting is an ambitious task, but a rewarding one.”

For more information on Resistance Money: A Philosophical Case for Bitcoin, visit the book’s website.