“Bitcoin Isn’t Money” : A Study on the Derivation of Bitcoin’s Value as Interpreted by Stakeholder Groups: Miners, Institutional Investors, and Retail Participants

Abstract

In this thesis, I examine how Bitcoin’s value is interpreted, experienced, and reimagined by three key stakeholder groups – Miners, Institutional Investors, and Retail Participants – by tracing its origins through the sociocultural forces that shaped its emergence. I draw upon conversational interviews and a close analysis of both primary and secondary sources of money and value to demonstrate that Bitcoin is not a conventional form of money, but rather an extension of long-standing symbolic systems of credit and debt. Assessing Bitcoin within the crux of anthropology, finance, and the social sciences enables me to argue that Bitcoin’s value is practically indeterminate – its value is contingent upon the imagination and implementation of each user. Ultimately, I conclude that Bitcoin diverges from traditional monetary functions; each user engages with it through a unique lived experience, belief system, and perception of risk.