The social side of cryptocurrency: Exploring the investors’ ideological realities from Romanian Facebook groups

Abstract

The complexity of blockchain technologies is reflected in the various ways in which social actors operate with crypto transactions, and this is seen in the wide range of discourses and practices adopted on the crypto market. Using social constructivism, this study highlights the fact that social practices in the crypto area respect certain thematic ideologies, through which individual discourses reflect different pragmatic expectations in relation to virtually encrypted transactions. Drawing on inductive thematic analysis based on 38 semi-structured interviews with Romanian investors, four major themes emerge: (1) unbreakable power of code encompasses rather libertarian discourses on potential state policies, (2) key role of peers explains the investments in the crypto market as a form of community membership, (3) assuming plenty of risks highlights the discourses focused on substantial and unpredictable gains, and (4) preferring safety above all encompasses discourses on financial stability through rather conservative behaviors.