Cryptocurrency frames of reference: a case study of accepting ‘Bitcoin-as-X’

Abstract

Blockchain-based cryptocurrencies have generated substantially divergent views, opinions, and interpretations about their fundamental nature, sense, and purpose compared to other IT. This study examines what these varying interpretations are and how they influence business decision-makers’ perceptions and acceptance of Bitcoin, the most prominent cryptocurrency, specifically. Drawing on Bijker’s socio-constructivist concepts of “frames”, and using a case study of Bitcoin acceptance, we make two key contributions. First, we identify seven distinct frames used in the cryptocurrency context: currency, asset, novelty, ideological, socio-cultural, business, and IT tool frames of reference. We theorise how these frames emerge from prior frames, drawing on different reference points, foreground or background facets of Bitcoin, and hence lead to constructions of “Bitcoin-as-X” and acceptance or rejection in both conceptual and practical terms. Second, the paper provides an exemplar of how any digital phenomena with ambivalent or conflicting assessments can be studied in general. We conclude by discussing implications for theory and practice.