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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


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.


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


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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.


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

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( 142 ) The Trajectory and Diaspora of Women Imprisonment: An Analysis
( 143 ) Exchange Rate Volatility, Foreign Exchange Market Intervention and Asymmetric Preferences
( 144 ) Seasonal Assessment of Relative Humidity, Ambient Air Temperature and CO2 Concentration Level in School Buildings of Kigali-Rwanda
( 145 ) Multivariate Analysis in Formulation of the Benefit-Cost Index Related to the Sugarcane Production System in the Quirinopolis Municipality Productive Center, Goias, Brazil
( 147 ) Determinants of Financial Performance and its Impact on the Growth of Islamic Bank Assets on Indonesia
( 148 ) Externality Effects of Sachet and Plastic Bottled Water Consumption on the Environment: Evidence from Benin City and Okada in Nigeria
( 149 ) Re-Engineering Nigerian Economy through Human Capital Development: A Case of Manufacturing Firms In Southern Part of Nigeria
( 150 ) Analysis of Traffic Accident Occurrence at Hazardous Road Locations: A Case Study in Tunisia
( 151 ) An Empirical Investigation of Real Exchange Rate Responses to Foreign Currency Inflows: Revisiting the Dutch Disease Phenomenon in South Asia
( 152 ) Evaluating the Effectiveness of CAPM and APT for Risk Measuring and Assets Pricing
( 153 ) Innovation Strategy and Sustainability of Micro, Small and Medium Enterprises in South East Nigeria
( 154 ) Do Derivative Instruments Increase Firm Risk for Indonesia Non-Financial Companies?
( 155 ) Inflation, Oil Revenue, and Monetary Policy Mix in an Oil-Dependent Economy: Empirical Insights from the Case of Nigeria
( 156 ) Factors Influencing on Human Resources Development in SMEs Service Enterprises in Industry 4.0: The Case of Thai Nguyen Province, Vietnam
( 157 ) Determinant of Tax Revenue Effort in Sub-Saharan African Countries: A Stochastic Frontier Analysis
( 158 ) The Effects of Visual Merchandising and Price Sensitivity on Impulse Purchase Behaviour among Young Apparel Shoppers in Bangladesh
( 159 ) Fraud Auditing Law Implications in the Case of Jiwasraya Insurance in Indonesia
( 160 ) Determinants of Profitability and its Implications on Corporate Values (Studies at Ceramic, Porcelain and Glass Sub Sector Listed in Indonesia Stock Exchange, 2009 - 2018)
( 161 ) Towards a Proposal of a Local Authority Model Based on the Systemic Approach
( 162 ) Up or Down! House Management and Public Finance Theory from America’s Era of Hastert
( 163 ) The Effects of Macroeconomic Variables on Bank Default: A Case Study in Brazil
( 164 ) Infrastructure Development, Capacity Utilization and Manufacturing Value Added in Nigeria
( 165 ) Deficit Financing Asymmetry and Nigerias Economic Growth: A Nonlinear Autoregressive Distributed Lag Approach
( 166 ) Does Corruption Grease or Sand the Wheels of Economic Growth in Ghana? An ARDL Bounds Test
( 167 ) The Effect of Disruptive Factors on Inventory Control as a Mediator and Organizational Performance in Health Department of Punjab, Pakistan
( 168 ) Fiscal Decentralization and Economic Growth: Assessing Public Policy in Ukraine
( 169 ) The Impact of Merger and Acquisition on the Financial Performance of the Nasdaq Listed Small Size Technology Companies
( 170 ) Socioeconomic Environment and Obesity on the US West and East Coasts
( 171 ) Panel Data Estimators in the Presence of Serial and Spatial Correlation with Panel Heteroscedasticity: A Simulation Study
( 172 ) The Impact of Data Frequency on the Level of Exchange Rate Pass-through to Consumer Prices in Nigeria
( 174 ) The Reasons Behind the Shift of Patients from Public to Private Hospitals: Evidence from Public Hospitals in Cumilla City Corporation
( 175 ) Assessment of Mental Health of Undergraduate Students Based on Age: A Bayesian Ordinal Quantile Regression Approach
( 176 ) Research on the Construction and Application of Chinese Enterprises Overseas Port Investment Confidence Index Based on D-S Evidence Theory
( 177 ) Assessing Access to Comprehensive HIV Treatment Services for Men Who Have Sex with Men and Female Sex Workers in the Bamenda Health District
( 178 ) The Promise and Reality of Public Sector Reform – A Case Study of the Implementation of Trinidad and Tobagos Health Sector Reform
( 179 ) The Impact of Covid-19 Pandemic on the Global Economy: Emphasis on Poverty Alleviation and Economic Growth
( 180 ) Modelling Stock Returns Volatility and Asymmetric News Effect: A Global Perspective
( 181 ) IT Governance as Drivers of Dynamic Capabilities to Gain Corporate Performance Under the Effects of Environmental Dynamism
( 182 ) Financial Development and Economic Growth in Nigeria: New Evidence from a Threshold Autoregressive and Asymmetric Analysis