 Cryptocurrencies as market singularities: the strange case of BitcoinSam Dallyn Journal of Cultural Economy, 2017, vol. 10, issue 5, 462-473 Abstract: Since its creation in 2009, the electronic currency Bitcoin has generated volumes of online debate in the business press. While there have been plenty of economic arguments situating it as a financial bubble about to collapse including from Nobel Prize winning economists, its price value has proven to be more durable than many have predicted. To explain this durability, Karpik’s conception of market singularities is used to understand the Bitcoin phenomenon by outlining the beliefs that maintain Bitcoin’s status as a volatile financial asset. Market singularities are markets for particular kinds of goods and services that are of uncertain and incommensurable value. Singularities markets have communities of followers and a distinctive belief system that ascribes value to a particular product, service, or asset. Developing Karpik’s conception, the paper explores the libertarian political belief system that surrounds Bitcoin’s status as a financial asset. I also outline some political tensions within the electronic currency community concerning governance and centralisation. Date: 2017 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:jculte:v:10:y:2017:i:5:p:462-473 Ordering information: This journal article can be ordered from DOI: 10.1080/17530350.2017.1315541 Access Statistics for this article Journal of Cultural Economy is currently edited by Michael Pryke, Joe Deville, Tony Bennett, Liz McFall and Melinda Cooper More articles in Journal of Cultural Economy from Taylor & Francis Journals |
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