This study investigated the extent of currency competition within the cryptocurrency market through the Hayek’s concept of the denationalization of money. Hayek’s original analysis primarily centered on competition revolving around the medium of the exchange function. This study posited that cryptocurrencies compete across diverse monetary functions, particularly concerning their roles as speculative stores of value and exchange media. This assertion provided insight into the distinction between Hayek’s envisaged private currencies and the cryptocurrency paradigm. Utilizing an extensive dataset encompassing 101 cryptocurrencies spanning from 2016 to 2022, an empirical exploration was conducted to scrutinize the progression and intensity of competition within the broader cryptocurrency market and its submarkets. These findings reveal a robust competition among unpegged cryptocurrencies, predominantly contending for speculative investment purposes. Similarly, there is pronounced competition among stablecoins as stable stores of value. In contrast, competition is much less pronounced concerning the medium of the exchange function, potentially entailing network effects and the emergence of monopolistic tendencies within this specific submarket.

中文翻译：

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加密货币竞争：哈耶克私人货币愿景的实证检验

本研究通过哈耶克的货币非国家化概念调查了加密货币市场内货币竞争的程度。哈耶克最初的分析主要集中在围绕交换功能媒介的竞争上。这项研究认为，加密货币在不同的货币功能中相互竞争，特别是在其作为投机价值存储和交换媒介的角色方面。这一论断提供了对哈耶克设想的私人货币与加密货币范式之间区别的洞察。利用涵盖 2016 年至 2022 年 101 种加密货币的广泛数据集，进行了实证探索，以审查更广泛的加密货币市场及其子市场内竞争的进展和强度。这些发现揭示了未挂钩的加密货币之间存在激烈的竞争，主要是出于投机投资目的。同样，稳定币作为稳定的价值储存手段之间也存在明显的竞争。相比之下，交换功能媒介的竞争则不那么明显，这可能会带来网络效应，并在这个特定的子市场内出现垄断倾向。