O processo de institucionalização do bitcoin e as forças que atuam em suas fases de adoção.

Abstract

Bitcoin represents a radical change in financial systems, not only related to technology, but as an evolution of the concept of money, bringing new perspectives on value exchanges and potentially an alternative configuration to the global financial system. Given its recent creation, widespread use and significant appreciation, it has garnered significant attention worldwide, especially in the financial-monetary market and governments. The bitcoin can be considered as an institution, since money, in its most different forms, throughout history, has been configured as one of the most important social institutions. Through the study of institutions, is possible to understand political, economic and social aspects that influence the behavior of social individuals. In this context, the central purpose of this research is to identify which are the main forces that act in the institutionalization phases of bitcoin. A compilation of online news with a worldwide impact on bitcoin was carried out, since its launch in 2009, until June 2019, carrying out a content analysis, comprising a classification as to the type (normative, technical, media, illegality, macroeconomic, quotation and opinion), connotation (positive, negative and neutral), in addition to the respective frequencies. Based on the analysis carried out, it was possible to identify that bitcoin being in the diffusion phase, presents subphases, in which the institutional actors present specific roles, behaviors and expectations that are linked to the price behavior of the cryptocurrency: Experimentation (2009- 2010), Early Adopters (2011-2013), Speculation (2014-2016), Bubble (January/2017-November/2018) and Current (December/2018- June/2019). The regulatory, normative and cognitive forces that act in the institutionalization process of bitcoin are listed. Bitcoin regulation is considered to vary by jurisdiction. At the same time, White Paper is characterized as the main normative guidance for bitcoin. On the other hand, bitcoin is seen as techno-utopia, social space and disintermediation of money. There is a marked mimetic isomorphism, which can be verified through the profusion of virtual currencies. In addition, the development of its own linguistic framework stands out, with the creation of new terms and the association of new meanings with existing terms. It is too early to say whether the cryptocurrency will in fact be legitimized and set up as a new standard, overriding the current financial system or whether it will be co-opted by it. For most individuals, bitcoin exists completely outside their cognition, far from accepted reality and accumulated common knowledge. When bitcoin monetary transactions become a tradition, legitimation can occur to justify its use as an institutional order process. Meanwhile, in a way, bitcoin operates outside the existing social network, while it continually expands to reach a critical mass.