Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship

Ali Osman Uymaz () and Ali Rıza Esmen ()
Additional contact information
Ali Osman Uymaz: Alanya Alaaddin Keykubat University, Faculty of Economics and Administrative Sciences, Departmant of Human Resources Management, Alanya, Antalya, Turkiye
Ali Rıza Esmen: Hacettepe University, Graduate School of Social Sciences, Political Science Programme, Ankara,Turkiye.

Istanbul Business Research, 2022, vol. 51, issue 2, 375-397

Abstract: The main purpose of this study is to determine the dimensions of speculative entrepreneurship for Bitcoin Turkish miners and to determine the motivational factors to become entrepreneurs in this area. The study was designed as a qualitative study where data was collected from a sample of 13 Bitcoin miners. The collected data thus was analyzed and coded thorough thematic analysis. After determining each participant's profile, a narrative analysis was conducted to ensure the integrity of the research. Some of the key common characteristics thus determined were awareness, arbitrage, and high-profit expectations whereas the self-manipulation feature was determined as low. The key motivation for Participants for investing in Bitcoin was the absence of central management, the beginning of a new financial structure outside the existing system, the opportunity for absolute privacy, and the excessive interest of society, which would serve as a leverage for arbitrage, with high-profit expectation. Bitcoin miners have seen the opportunity of arbitrage with their increased level of awareness and knowledge. As speculative entrepreneurs Bitcoin miners were aware of the extreme nature of the risk investing in Bitcoin to gain highly desirable and expected profit for using the arbitrage opportunity in the existing system.

Keywords: Entrepreneurship; Speculative Entrepreneurship; Arbitrage; Cryptocurrency; Bitcoin Mining (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/5C7F27A5CD5C4B0F9BAD0BC77B176237 (application/pdf)
https://iupress.istanbul.edu.tr/en/journal/ibr/art ... ive-entrepreneurship (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ist:ibsibr:v:51:y:2022:i:2:p:375-397

DOI: 10.26650/ibr.2022.51.866397

Access Statistics for this article

Istanbul Business Research is currently edited by Seda Tolun Tayalı

More articles in Istanbul Business Research from Istanbul University Business School Contact information at EDIRC.
Bibliographic data for series maintained by Istanbul University Press Operational Team (Ertuğrul YAŞAR) ().