Cryptocurrency: Two Special Cases

Abstract

The article analyzes the correspondence of the emergence of cryptocurrencies to two important theoretical ideas of the Austrian school of economics - the regression theorem of L. von Mises and the concept of denationalization of money by F. Hayek. The analysis shows the consistency of the new economic phenomenon with the regression theorem, since the posses-sion of bitcoin as an asset confirms the presence of some value before being used as a medi-um of exchange. Cryptocurrency competition is similar to the ideas of F. Hayek, but takes place in the conditions of maintaining the state monopoly on emission. At the same time, the commodity security of stablecoins corresponds to the commodity security of private currencies.