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Hayek and the cryptocurrency revolution
[Hayek y la revolución de las criptomonedas]

Author

Listed:
  • David Sanz Bas

    (Universidad Católica de Ávila, España.)

Abstract

The emergence of cryptocurrencies has been one of the most notable monetary phenomenon of the last decade. Many academics and analysts have found a clear precedent to this event in Friedrich Hayek’s latest monetary work, Denationalization of money. The aim of this article is to analyze what we can learn about cryptocurrencies by re-reading this book. As will be proven, Hayek would surely have rejected the idea that Bitcoin and cryptocurrencies with similar characteristics could be accepted as money in the market. Furthermore, this paper will prove that a very close connection between Stablecoins and private money exists, in the line with the Austrian economist’s predictions in a context of monetary competition.

Suggested Citation

  • David Sanz Bas, 2020. "Hayek and the cryptocurrency revolution [Hayek y la revolución de las criptomonedas]," Iberian Journal of the History of Economic Thought, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Dpto. Historia e Instituciones Económicas I., vol. 7(1), pages 15-28.
    • Handle: RePEc:ucm:ijohet:v:7:y:2020:i:1:p:15-28
    DOI: 10.5209/ijhe.69403
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    More about this item

    Keywords

    Cryptocurrencies; Hayek; Bitcoin; Stablecoins; Currency competition.;
    All these keywords.

    JEL classification:

    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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