Hayek and the cryptocurrency revolution

Hayek y la revolución de las criptomonedas

David Sanz Bas ()
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David Sanz Bas: Universidad Católica de Ávila, España.

Iberian Journal of the History of Economic Thought, 2020, vol. 7, issue 1, 15-28

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.

Keywords: Cryptocurrencies; Hayek; Bitcoin; Stablecoins; Currency competition.; Criptomonedas; Hayek; Bitcoin; Stablecoins; Competencia monetaria. (search for similar items in EconPapers)
JEL-codes: B31 E14 E42 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (4)

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Dpto. Historia e Instituciones Económicas I. Facultad de CC. Económicas y Empresariales, Universidad Complutense de Madrid. Campus de Somosaguas. E-28223 Pozuelo de Alarcón (Madrid)

DOI: 10.5209/ijhe.69403

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