Friedrich A. Hayek (1899–1992) studied economic fluctuations, dispersed knowledge and institutions. His account of price coordination does not assume everyone knows the entire market.
In 1974 he shared the economics prize in memory of Alfred Nobel with Gunnar Myrdal. It recognised work on money, fluctuations and the relationships of economic and social institutions; it does not endorse every political statement. [Nobel Prize — Friedrich August von Hayek, facts]
The 1945 text The Use of Knowledge in Society emphasises particular time and place. Expert knowledge matters but does not replace all local experience and available opportunities. [Hayek — The Use of Knowledge in Society (1945)]
When new demand for tin arises or supply fails, users can respond to price by economising on the material. They need not all know which distant event triggered the change. [Hayek — The Use of Knowledge in Society (1945)]
Hayek expressly does not assume perfectly equilibrating adjustment. Prices communicate essential information economically; this does not mean every price or every decision guarantees success. [Hayek — The Use of Knowledge in Society (1945)]
A statistical category combines items differing in location, quality or immediate availability. A stable total does not itself establish that a particular firm’s conditions have not changed. [Hayek — The Use of Knowledge in Society (1945)]
Denationalisation of Money proposes distinct privately issued currencies. Issuers would adjust their quantities to maintain purchasing power; that mechanism is not a predetermined fixed stock. [Hayek — Denationalization of Money: The Argument Refined]
Hayek expects discipline from the option to switch currencies and an unsuccessful issuer’s loss of business. This argues for an arrangement; it does not prove every current private monetary product will be stable. [Hayek — Denationalization of Money: The Argument Refined]
Hayek died in 1992. His ideas can inform present comparisons of rules and institutions, but Bitcoin endorsement cannot be attributed to him; a contemporary conclusion belongs to its contemporary author. [Nobel Prize — Friedrich August von Hayek, facts]
For the clearest picture, read this entry together with Knowledge Problem, Spontaneous Order, Denationalisation of Money, Economic Calculation. The reverse links also lead from Austrian economics, Socialist Calculation Debate, Knowledge Problem, Spontaneous Order.