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Cryptocurrencies and the Denationalization of Money

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  • Luca Fantacci

Abstract

The theoretical foundations of bitcoin have been frequently traced back to the Austrian school of economics. To the extent that cryptocurrencies are not issued by a centralized authority and do not rely on an official legal tender status for their acceptance, they may indeed appear as a dramatic departure from the historical trend that has led, over the past few centuries, to the making of national money and as a decisive step toward the “denationalization of money” advocated by F. A. von Hayek. This article investigates to what extent bitcoin truly embodies the principles of stable money prescribed by Hayek and whether the proliferation of cryptocurrencies constitutes a Hayekian monetary competition.

Suggested Citation

  • Luca Fantacci, 2019. "Cryptocurrencies and the Denationalization of Money," International Journal of Political Economy, Taylor & Francis Journals, vol. 48(2), pages 105-126, April.
    • Handle: RePEc:mes:ijpoec:v:48:y:2019:i:2:p:105-126
    DOI: 10.1080/08911916.2019.1624319
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    Cited by:

    1. Mayer, Fabian & Bofinger, Peter, 2023. "Cryptocurrency competition: An empirical test of Hayek's vision of private monies," W.E.P. - Würzburg Economic Papers 103, University of Würzburg, Department of Economics.
    2. Ana Cristina O. Siqueira & Benson Honig & Sandra Mariano & Joysi Moraes, 2020. "A Commons Strategy for Promoting Entrepreneurship and Social Capital: Implications for Community Currencies, Cryptocurrencies, and Value Exchange," Journal of Business Ethics, Springer, vol. 166(4), pages 711-726, November.
    3. Aniruddha Dutta & Saket Kumar & Meheli Basu, 2020. "A Gated Recurrent Unit Approach to Bitcoin Price Prediction," JRFM, MDPI, vol. 13(2), pages 1-16, February.
    4. Yura Yokoyama, 2023. "From money to culture: The practical indeterminacy of Bitcoin's values and temporalities," Economic Anthropology, Wiley Blackwell, vol. 10(1), pages 32-43, January.

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