BITCOIN: A TECHNOLOGY-INFLUENCED SOCIAL MOVEMENT

Abstract

Over the past decade, the Bitcoin-inspired cryptocurrency industry and blockchain technology have continued to evolve and reshape the global financial industry, despite resistance from state governments to prevent the adoption of the alternative payment system. The academic study of Bitcoin by various social science disciplines and fields of law has predominantly focused on the nefarious use of cryptocurrency and the potential threat the technology could pose to national security by lessening U.S. economic influence. This thesis takes a more holistic approach in examining Bitcoin using social movement theory to answer two research questions: How can social movement theory explain the evolution of Bitcoin and blockchain technology in the near term and long term? What interest should U.S. Special Operations Command have in Bitcoin (and other cryptocurrencies) and blockchain technology? Social movement theory helps address these questions by providing a comprehensive method for understanding why the creation and adoption of Bitcoin is a form of protest against the financial industry, in general, and the global financial order. The Bitcoin-led social change occurring suggests that the U.S. Department of Defense should seek opportunities to lead the integration and adoption of the technology to maintain, as well as support, future U.S. policy interests.