Money emerged spontaneously in the market to facilitate voluntary exchange, but it was progressively appropriated by governments, which established a monopoly over monetary issuance. This review analyzes Rothbard’s critique of that process from the perspective of the Austrian School, addressing its economic and social consequences, such as the loss of the currency’s purchasing power. Finally, it discusses Bitcoin as a decentralized alternative and the challenge it poses to the state monopoly, reviving the debate on the separation of state and money.
