Publication: Hayek and the cryptocurrency revolution
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2020
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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.
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.
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.
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