An exercise of ideological deconstruction: the example of the Bitcoin Standard

Arkan Akin
4 min readJun 17, 2021
Photo by David McBee from Pexels

Read first: Bitcoin and the Illusion of Reality

This is one of the most sophisticated mix of economic and political analysis I’ve recently seen concerning Bitcoin. I recommend to read this article first before reading my point of view. It is extremely interesting and I must agree with most of what is said, at least in terms of the diagnosis of the current situation. However, here are some thoughts coming from a perspective of ideological deconstruction. What I mean by ideology is ‘concepts that are unequivocally accepted as necessary truths about reality — these are often so fundamental in our world view that they are not even mentioned, just given as facts. Understand I am not necessarily disagreeing with what is said in this article, to the contrary I am making this effort because I respect the time and effort put into such an analysis and I think that this a perfect example to talk about ideology.

The reason why this article is worthy of attention is that it seeks to go beyond simplistic analysis. It does so by examining the connection between a whole lot of economic concepts as well as their political, social and environmental relationships. The main strength of this analysis in my opinion is that it unpacks the ideological basis of our monetary systems. It goes to show that economic decisions are not ‘neutral’ or simply based on ‘facts’ but are the result of a specific world view and a exercise of power. To do this, it uses the example of the ‘jewel beetle’ to show us why we do not see ‘reality as it is’.

This article does not contempt itself with ‘just’ economic analysis which is often a way to bypass the political and social realities that structure the economy. In doing so, it seeks to explore the deeper ideological concepts that make our current monetary system. Some of the main concepts used are : the centralization of power through wealth and central banks and the universally accepted nature of unlimited growth as being good and necessary for maintaining a healthy economy. I think the authors do a good job in unpacking these issues.

Through their analysis the authors defend a certain point of view: that the adoption of a decentralized Bitcoin standard will solve the issues that arise from our current…