This paper examines how the cryptocurrency Bitcoin potentially can resolve the finan-cial crisis of 2007, as well as how the currency can be adopted in the monetary system of the western society. To understand how the financial crisis impacted, an Austrian economics analysis is used to identify the key-events leading up to the financial crisis. An emphasis is here laid on the crisis management following the dot.com-crack,inspired by Austrian Business-Cycle theory. To excavate the solution potential of Bitcoin, the features of the currency are compared with the Austrian proposal for a better economy. Finally, the adoption potential of Bitcoin is explored, in a socio-technical frame, with theory created by Frank Geels. The analysis draws on key-notions such as trajectories, environmental change, niches and the concept of “window of opportunity”. These terms are all identified in the perspective of the financial crisis, and the result of the interplay of the notions, is flagged as the adoption potential. In this way the project is designed in a way where the analysis of the financial crisis acts as a steppingstone for the solution- and adoption potential analysis. The paper concludes that Bitcoin despite its monetary advances, and possible solutions to the financial crisis, will not be adopted by the mone-tary system. The currency is simply breaking with too many trajectories founded by the dominating system, which refrains society for a simple transition.
|Uddannelser||Basis - Samfundsvidenskabelig Bacheloruddannelse, (Bachelor uddannelse) Basis|
|Udgivelsesdato||30 maj 2012|