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

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Sanz Bas, David (2020) Hayek and the cryptocurrency revolution. Iberian Journal of the History of Economic Thought, 7 (1). pp. 15-28. ISSN 2386-5768

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Official URL: https://revistas.ucm.es/index.php/IJHE/article/view/69403



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.

Resumen (otros idiomas)

La irrupción de las criptomonedas ha sido uno de los fenómenos monetarios más notables de la última década. Muchos académicos y analistas han encontrado un claro antecedente a este acontecimiento en la última obra monetaria de Friedrich Hayek, Denationalization of money. El objetivo de este artículo es analizar qué podemos aprender sobre las criptomonedas a través de la relectura de esta obra. Como se demostrará, Hayek rechazaría que el Bitcoin y criptomonedas de características similares puedan llegar a ser aceptadas como dinero en el mercado. Además, se mostrará que existe una conexión muy estrecha entre las Stablecoins y el dinero privado que el economista austriaco predice que surgiría en un contexto de competencia monetaria.

Item Type:Article
Uncontrolled Keywords:Cryptocurrencies; Hayek; Bitcoin; Stablecoins; Currency competition
Palabras clave (otros idiomas):Criptomonedas; Hayek; Bitcoin; Stablecoins; Competencia monetaria
Subjects:Social sciences > Economics > Money
Social sciences > Economics > Economic history
Social sciences > Economics > Economics
JEL:E14, E42, B31
ID Code:61915
Deposited On:27 Aug 2020 10:43
Last Modified:09 Sep 2020 08:21

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