A New Book by David Birch: Before Babylon, Beyond Bitcoin

“Marvellous. A deeply-researched and brilliant synthesis of history, technology and futurology.” —  Ken Rogoff, Professor of Public Policy and of Economics at Harvard University.

“David Birch brings out in rich and lucid detail the full historical journey money has been undertaking and the technological revolutions it has encountered en route. Historical scholars, technologists, monetary economists and policy makers will all find something in here to hold their attention, to reshape their view of history or technology, finance or policy.” — From the Foreword by Andrew Haldane, Chief Economist of the Bank of England

“Well written, funny and full of great facts and history.” — From the Foreword by Brett King, author of ‘Augmented: Life in the Smart Lane’.

Technology is changing money and this book looks at where it might be taking us. Technology has transformed money from physical objects to intangible information. With the arrival of smart cards, mobile phones and Bitcoin it has become easier than ever to create new forms of money. Crucially, money is also inextricably connected with our identities. Your card or phone is a security device that can identify you – and link information about you to your money.

Dave Birch looks back over the history of money, spanning thousands of years. He sees in the past, both recent and ancient, evidence for several possible futures. Looking further back to a world before cash and central banks, there were multiple ‘currencies’ operating at the level of communities, and the use of barter for transactions. Perhaps technology will take us back to the future, a future that began back in 1971, when money became a claim backed by reputation rather than by physical commodities of any kind. Since then, money has been bits.

The author shows that these phenomena are not only possible in the future, but already upon us. We may well want to make transactions in Tesco points, Air Miles, Manchester United pounds, Microsoft dollars, Islamic e-gold or Cornish e-tin. The use of cash is already in decline, and is certain to vanish from polite society.

The newest technologies will take money back to its origins: a substitute for memory, a record of mutual debt obligations within multiple overlapping communities. This time though, money will be smart. It will be money that reflects the values of the communities that produced it. Future money will know where it has been, who has been using it and what they have been using it for.

“Dave Birch knows his stuff.  His writing, as well as being on the pulse of fintech, is always diced with fantastically obscure stories from history, so it never fails to be both witty and informed. You, the reader, are simultaneously entertained and educated. What more could you want from a book?” –  Dominic Frisby, author of ‘Bitcoin: The Future of Money?’

“Taking a journey through the past and future of money with Dave Birch is not only eye-opening, it’s immensely entertaining. You get Milton Friedman mixed with Bill Bryson. With money undergoing one of its periodic paradigm shifts, I can’t think of a better guide than Birch for navigating this exciting yet highly disruptive moment. “ Michael J. Casey, co-author of ‘The Age of Cryptocurrency: How Bitcoin and the Blockchain are Challenging the Global Economic Order’.

“Whether you agree with his controversial predictions or not, Dave’s fascinating tale of the interrelationship between technology and money is required reading for those interested in either or both of them.”

Alastair Lukies CBE, Chair of Innovate Finance and the Prime Minister’s Business Ambassador for Fintech.

“A brilliant book, a tour de force that should be read by anyone who is interested in the past, present and future of money.” — Nigel Dodd, LSE Professor of Sociology and author of The Social Life of Money