Exploring Private and Governmental Interest in Bitcoin

Abstract

Regardless of one’s opinion, Bitcoin’s presence in the global economy is growing. However, Bitcoin’s emerging role and its implications are greatly under-researched, particularly in the context of government interest in Bitcoin. Nonetheless, increased private investment in Bitcoin and increased government interest in formally incorporating Bitcoin into existing economic systems, suggest a new development within the global economy that must be investigated. Through qualitative text analysis of pro-Bitcoin narratives presented in digital media platforms and official government policies and public statements, this thesis explores how private and government interest in Bitcoin is explained and framed within these contexts. This study finds that there are many important nuances within pro-Bitcoin narratives in the context of private interest that challenge and expand contemporary thinking. It presents new insights into government interest in Bitcoin, particularly concerning its intended role and future, suggesting it will have a presence in efforts beyond finance. Finally, this thesis suggests that despite converging attitudes in private and governmental pro-Bitcoin narratives, diverging attitudes reflect curious implications concerning distrust and dissatisfaction in government efforts. Ultimately, this study reflects that Bitcoin is a dynamic and non-traditional development that requires continuous research to better understand its present and future role in global systems.