Origins, Theoretical Foundations, and Economic Implications of Cryptocurrencies

Jérôme Verny, Yacine Aiat, Stephane Fourneaux and Eric Lambourdière
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Jérôme Verny: NEOMA - Neoma Business School
Yacine Aiat: NEOMA - Neoma Business School
Stephane Fourneaux: NEOMA - Neoma Business School
Eric Lambourdière: CREDDI - Centre de Recherche en Economie et en Droit du Développement Insulaire [UR7_2] - UA - Université des Antilles

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Abstract: The theoretical foundations and indeed implications related to the emergence of digital assets, particularly cryptocurrencies, remain a scarcely explored area in recent academic literature. This chapter aims to analyze the presumed influences of various economic schools of thought on the genesis of Bitcoin, the monetary policies underlying several digital assets, and the evolution of their market capitalization since 2009. The study also addresses the case of several cryptocurrency exchange platforms, commonly known as crypto exchanges, and focuses on industrial entities, such as Ledger and Bitmain. An overview of use cases involving "smart contracts" and Blockchain technology is provided. This chapter seeks to revisit the emergence of different approaches to national regulation on a global scale and to establish international comparisons. The examples of Japan, long trapped in a deflationary spiral, and Argentina, facing hyperinflation, are particularly enlightening for understanding the legal treatment of digital assets and their perception by local authorities. Two central questions guide this exploration: what are the economic and ideological foundations underlying the conception of Bitcoin, and to what extent does the current development of the digital asset ecosystem remain true to the initial ideas of Satoshi Nakamoto?

Date: 2024-02-14
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Published in Cryptocurrencies - Financial Technologies of the Future [Working Title], IntechOpen, 2024, ⟨10.5772/intechopen.1004137⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04734352

DOI: 10.5772/intechopen.1004137

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