Bitcoin and the Legitimacy Crisis of Money
Cambridge Journal of Economics (DOI 10.1093/cje/beu067) Forthcoming
34 Pages Posted: 20 Jan 2015
Date Written: July 17, 2013
The virtual currency and payment project Bitcoin intends to challenge the current monetary and payment system which finds itself in a legitimacy crisis in the aftermath of the financial market turmoil of 2008. In examining the governance of the Bitcoin system we try to assess its potential to create input and output legitimacy as payment system and as monetary system in comparison to current practice.
Keywords: Bitcoin, money, monetary theory, legitimacy, governance
JEL Classification: E02, E42, E50
Suggested Citation: Suggested Citation