Moreover, Friedman claimed, there is nothing in the current law of most developed economies to prevent voluntary bilateral exchange via any medium freely accepted by two parties.

[8] In a 1977 review of the book, economist David H. Howard also noted that Hayek neglected to address the extent to which existing monetary institutions evolved to meet real economic needs.

Furthermore, Howard states, Hayek's regime of competitive moneys may result in the establishment of a new monopoly similar to the existing system.

[9] Austrian School economist Lawrence H. White was critical of Hayek's assumption that the most stable currencies would win market acceptance.

[10] According to the European Central Bank, the decentralisation of money offered by bitcoin has its theoretical roots in The Denationalisation of Money: The Argument Refined,[11] whilst political philosopher Adam James Tebble has argued that there are important differences between Hayek's vision and cryptocurrency, because the latter takes decentralisation a step further than Hayek ever envisaged.