Yes, You Should Own Bitcoin

Abstract

This article attempts to challenge the argument that bitcoin cannot be owned within a libertarian legal order. According to the contested view, bitcoin, as a digital asset, does not meet the criteria for traditional ownership due to its nonphysical nature as an intangible asset. However, the counterargument presented in the article asserts that people should have property rights over bitcoin due to the facts that the technology behind bitcoin makes it a scarce rivalrous resource and conflicts over the use of bitcoin goods can arise. It is the general function of property rights to avoid possible clashes over the use of scarce, rivalrous resources by assigning rights of exclusive ownership; hence, property rights should extend to bitcoin. The article also discusses the implications of recognizing bitcoin as an ownable scarce resource within a private law society and addresses the challenges associated with penalizing bitcoin theft.