Hayek and the cryptocurrency revolution

  1. David Sanz Bas 1
  1. 1 Universidad Católica Santa Teresa de Jesús de Ávila
    info

    Universidad Católica Santa Teresa de Jesús de Ávila

    Ávila, España

    ROR https://ror.org/05wa62164

Revue:
Iberian Journal of the History of Economic Thought

ISSN: 2386-5768

Année de publication: 2020

Volumen: 7

Número: 1

Pages: 15-28

Type: Article

DOI: 10.5209/IJHE.69403 DIALNET GOOGLE SCHOLAR lock_openAccès ouvert editor

D'autres publications dans: Iberian Journal of the History of Economic Thought

Objectifs de Développement Durable

Résumé

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.

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