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The Influence of Institutional Voids in the Institutionalization of Bitcoins as a Currency

Maike Rafael Sa

,

Jorge Renato Verschoore

,

Jefferson Marlon Monticelli

Maike Rafael Sa 1 Jorge Renato Verschoore 1 ,
;
Jefferson Marlon Monticelli 3

  1. University of Vale do Rio dos Sinos - Campus Sao Leopoldo, Brazil. 1

  2. Fundacao Getulio Vargas Sao Paulo Business School of Administration and La Salle University, USA. 3

Pages: 219-233

DOI: 10.18488/journal.62.2021.83.219.233

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Article History:

Received: 04 June, 2020
Revised: 20 January, 2021
Accepted: 08 February, 2021
Published: 22 February, 2021


Abstract:

Bitcoin is a social movement, which promises free and decentralized money, absent from the traditional regulatory institutions, but it can be challenging for financial industry regulators and other players in the financial markets. Thus, our study aims to analyze how the institutional voids manifest in the bitcoin institutionalization process as a currency. We adopt the institutional theory, from the perspective of institutional voids, in order to observe the concepts in emerging markets that show the difficulty or the beginning of the institutionalization of bitcoin as a currency. The institutional theory provides an opportunity to understand the reasons for using particular practices, actions, or manifestations. Our method is based on a qualitative exploratory approach with semi-structured interviews to understand how financial market experts perceive this phenomenon. Our results show that it is possible to identify how institutional voids manifest themselves, reinforcing the debate on whether bitcoin is, in fact, a currency.
Contribution/ Originality
This study analyzes bitcoin as an economic object through the logic of institutional voids. Thus, with the institutional perspective as a background and theoretical support, it is examined how the institutional voids are manifested in the process of institutionalization of the bitcoin as a currency.

Keywords:

Bitcoin, Money, Currency, Institutions, Institutional voids, Institutionalization.

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Funding:

This work was supported by the Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES/PROEX/2018) and by the Fundação de Amparo à Pesquisa do Estado do Rio Grande do Sul (FAPERGS/DOCFIX/2018).

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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( 95 ) An Econometric Planning Model of Urban Forestry as a Measure of Sustainability: A Matrix of Action and Change
( 96 ) Technological Innovation in Central and Eastern Europe: What’s the Contribution of Innovation Policy?
( 97 ) Internationalization of State Multilatinas: A Multi-Case Study in The Oil Sector
( 98 ) Rural Roads Infrastructure and Agricultural Products Distribution: A Focus on Akure South Local Government Area, Ondo State, Nigeria
( 99 ) What Drives Banking Stability? Empirical Evidence from ECOWAS Countries
( 100 ) The Profitability of Momentum Strategies: Empirical Evidence from Damascus Securities Exchange (DSE)
( 101 ) Determinants of Rural Residential Solid Waste Collection Services in Lagos State
( 102 ) A Case Study of Local Government Implementation of the Ward Based Local Economic Development (LED) Program
( 103 ) An Investigation of the Relationship between Manufacturing Output and Economic Growth : Evidence from Nigerias Data Set
( 104 ) Public-Private Partnership as a Strategy for E-Governance Funding in Africa: The Gains and the Pains
( 105 ) Measuring and Assessing the State of Technological Innovations and the Level of Interaction between Rice Processors and Stakeholders in Rice Processing Industry in Nigeria
( 106 ) An Evaluation of Effectiveness of Oversight Committees: A Case of City of Johannesburg, Section 79 Committees
( 107 ) An Investigation into the Causes of Failures in Railway Infrastructure at Transnet Freight Rail - A Case of the Steel and Cement Business Unit
( 108 ) Social Protection and Agricultural Production in ECOWAS: The Youth Unemployment Question
( 109 ) Financial Market Predictions with Factorization Machines: Trading the Opening Hour Based on Overnight Social Media Data
( 110 ) An Analysis of Chinas Poverty Research Based on CiteSpace
( 111 ) Forecasting Equity Index Volatility: Empirical Evidence from Japan, UK and USA Data
( 112 ) Assessment of Dual Carriageway for Sustainable Socio-Economic Development in Ado Ekiti, Nigeria
( 113 ) Does Agricultural Sector Contribute to the Economic Growth in Case of Republic of Benin?
( 114 ) Conceptualisation of Lack of Discipline and Probity as the Main Cause towards Good Governance Practice
( 115 ) Forecasting Prices of Three Important Agricultural Crops in Bangladesh
( 116 ) Uncertainties in Global Economic Policy and Nigerias Export Earnings
( 117 ) Decision-Making on Working Capital Management, Based on Industry Differences
( 118 ) Investigate Airport Service Quality- A Case Study of Airports in Shanghai
( 119 ) An Entrepreneurship Research in Singapore: Basic Psychological Needs and Motivation
( 120 ) The Impact of Organisational Culture on Public Sector Performance: A Case Study of Local Authorities in Zimbabwe
( 121 ) An Empirical Assessment of the Impact of Access to Credit on Farm Output: A Case Study of Sefwi-Wiawso Municipality Ghana
( 122 ) Dutch Disease: Myth or Reality? An Analysis of the ARDL Model
( 123 ) Determinants of Banks Profitability & Liquidity and the Role of BASEL III in Islamic & Conventional Banking Sector of Pakistan: A Case Study of NBP
( 124 ) Impact of Asymmetric Government Spending on Real Balances Demand
( 125 ) Investigating the Impact of Business Alignment on Job Gratification in an Organization: The Case of a University in Egypt
( 126 ) Migration as a Livelihood Strategy: The Case of Internal Migration in Ghana
( 127 ) Profitability Behavior of Plastic Industries in Indonesia
( 128 ) An Empirical Evaluation of Cashless Systems Implementation in Ghana
( 129 ) Correlation between Financial Difficulties and Financing Strategies among Market Stallholders in Batangas City
( 130 ) Optimal Stock Portfolio Issuers of Building Construction Registered in LQ45 Based on the Markowitz Approach
( 131 ) The Effect of Selected Factors on Tax Revenue Mobilization in Ethiopia: The Case of Amhara Region
( 132 ) Deterrents to the Success of Micro and Small Enterprises in Ethiopia: The Case of Amhara Region MSEs
( 133 ) The Relationship between Financial Development, Economic Growth, and Inflation: Evidence from Southeast Asia
( 134 ) The Mediating Effect of Financial Self-Efficacy on the Financial Literacy-Behavior Relationship: A Case of Generation Y Professionals
( 135 ) Exploring the Asymmetric Linkage between Commodity Prices and Fiscal Performance in Nigeria
( 136 ) Assessing the Perceived Value of Customers for being Satisfied towards the Sustainability of Hypermarket in Malaysia
( 137 ) Organizational Memory and Employee Performance in Federal Parastatals in Enugu State of Nigeria
( 138 ) Analysis of Effect of Profitability, Capital, Risk Financing, the Sharia Supervisory Board and Capabilities Zakat in Islamic Perspective with Circular Approach Causastion on Islamic Banks in Indonesia
( 139 ) Rethinking Port Role as Transport Corridor under Symbiosis Theory-Case Study of China-Europe Trade Transportation
( 140 ) Exchange Rate Pass-through to Prices: VAR Evidence for Albania
( 141 ) The Trajectory and Diaspora of Women Imprisonment: An Analysis
( 142 ) Exchange Rate Volatility, Foreign Exchange Market Intervention and Asymmetric Preferences
( 143 ) Seasonal Assessment of Relative Humidity, Ambient Air Temperature and CO2 Concentration Level in School Buildings of Kigali-Rwanda
( 144 ) Multivariate Analysis in Formulation of the Benefit-Cost Index Related to the Sugarcane Production System in the Quirinopolis Municipality Productive Center, Goias, Brazil
( 146 ) Determinants of Financial Performance and its Impact on the Growth of Islamic Bank Assets on Indonesia
( 147 ) Externality Effects of Sachet and Plastic Bottled Water Consumption on the Environment: Evidence from Benin City and Okada in Nigeria
( 148 ) Re-Engineering Nigerian Economy through Human Capital Development: A Case of Manufacturing Firms In Southern Part of Nigeria
( 149 ) Analysis of Traffic Accident Occurrence at Hazardous Road Locations: A Case Study in Tunisia
( 150 ) An Empirical Investigation of Real Exchange Rate Responses to Foreign Currency Inflows: Revisiting the Dutch Disease Phenomenon in South Asia
( 151 ) Evaluating the Effectiveness of CAPM and APT for Risk Measuring and Assets Pricing
( 152 ) Innovation Strategy and Sustainability of Micro, Small and Medium Enterprises in South East Nigeria
( 153 ) Do Derivative Instruments Increase Firm Risk for Indonesia Non-Financial Companies?
( 154 ) Inflation, Oil Revenue, and Monetary Policy Mix in an Oil-Dependent Economy: Empirical Insights from the Case of Nigeria
( 155 ) Factors Influencing on Human Resources Development in SMEs Service Enterprises in Industry 4.0: The Case of Thai Nguyen Province, Vietnam
( 156 ) Determinant of Tax Revenue Effort in Sub-Saharan African Countries: A Stochastic Frontier Analysis
( 157 ) The Effects of Visual Merchandising and Price Sensitivity on Impulse Purchase Behaviour among Young Apparel Shoppers in Bangladesh
( 158 ) Fraud Auditing Law Implications in the Case of Jiwasraya Insurance in Indonesia
( 159 ) Determinants of Profitability and its Implications on Corporate Values (Studies at Ceramic, Porcelain and Glass Sub Sector Listed in Indonesia Stock Exchange, 2009 - 2018)
( 160 ) Towards a Proposal of a Local Authority Model Based on the Systemic Approach
( 161 ) Up or Down! House Management and Public Finance Theory from America’s Era of Hastert
( 162 ) The Effects of Macroeconomic Variables on Bank Default: A Case Study in Brazil
( 163 ) Infrastructure Development, Capacity Utilization and Manufacturing Value Added in Nigeria
( 164 ) Deficit Financing Asymmetry and Nigerias Economic Growth: A Nonlinear Autoregressive Distributed Lag Approach
( 165 ) Does Corruption Grease or Sand the Wheels of Economic Growth in Ghana? An ARDL Bounds Test
( 166 ) The Effect of Disruptive Factors on Inventory Control as a Mediator and Organizational Performance in Health Department of Punjab, Pakistan
( 167 ) Fiscal Decentralization and Economic Growth: Assessing Public Policy in Ukraine
( 168 ) The Impact of Merger and Acquisition on the Financial Performance of the Nasdaq Listed Small Size Technology Companies
( 169 ) Socioeconomic Environment and Obesity on the US West and East Coasts
( 170 ) Panel Data Estimators in the Presence of Serial and Spatial Correlation with Panel Heteroscedasticity: A Simulation Study
( 171 ) The Impact of Data Frequency on the Level of Exchange Rate Pass-through to Consumer Prices in Nigeria
( 173 ) The Reasons Behind the Shift of Patients from Public to Private Hospitals: Evidence from Public Hospitals in Cumilla City Corporation
( 174 ) Assessment of Mental Health of Undergraduate Students Based on Age: A Bayesian Ordinal Quantile Regression Approach
( 175 ) Research on the Construction and Application of Chinese Enterprises Overseas Port Investment Confidence Index Based on D-S Evidence Theory
( 176 ) Assessing Access to Comprehensive HIV Treatment Services for Men Who Have Sex with Men and Female Sex Workers in the Bamenda Health District
( 177 ) The Promise and Reality of Public Sector Reform – A Case Study of the Implementation of Trinidad and Tobagos Health Sector Reform