In "The Denationalization of Money", Friedrich A. Hayek says that private monies should be allowed to exist and that the one with the most stable value would be most likely to win.

In defense of Bitcoin, many suggest that the frequent, large price inflations and deflations are preferred over a currency with stable value.

Was F.A.Hayek wrong?

---

Side note: he also says that indexation is not a substitute for price stable money.