Open AccessHayek and the cryptocurrency revolution
Author(s) -
David Sanz Bas
Publication year - 2020
Publication title -
iberian journal of the history of economic thought
Language(s) - English
Resource type - Journals
ISSN - 2386-5768
DOI - 10.5209/ijhe.69403
Subject(s) - cryptocurrency , economics , context (archaeology) , austrian school , phenomenon , positive economics , fiat money , monetary system , reading (process) , keynesian economics , neoclassical economics , monetary economics , monetary policy , political science , law , philosophy , history , computer security , epistemology , computer science , archaeology
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, following the Austrian economist’s predictions in a context of monetary competition.