Do cryptocurrencies really have (no) intrinsic value?

Horst Treiblmaier ()
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Horst Treiblmaier: Modul University Vienna

Electronic Markets, 2022, vol. 32, issue 3, No 41, 1749-1758

Abstract: Abstract Depending on the chosen perspective, cryptocurrencies either constitute a unique opportunity to end national patronizing built on debt-based fiat money (currency) or a menace to a well-established financial order that ensures economic stability. A central issue in the heated debate surrounding cryptocurrencies is whether they have any intrinsic value at all. In this conceptual position paper, we briefly summarize existing standpoints and suggest three alternative propositions: (1) to avoid using the term “intrinsic value” for the valuation of cryptocurrencies, (2) to refer to the sum total of all properties that could potentially qualify them as money, and (3) to consider the amount of capital and energy that is needed to create them. These suggestions bear substantial implications for the economic classification of cryptocurrencies.

Keywords: Blockchain; Distributed ledger technology; Cryptocurrencies; Value; Intrinsic value (search for similar items in EconPapers)
JEL-codes: D46 E12 E14 O33 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s12525-021-00491-2

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