Bitcoin is the world’s first and best-known cryptocurrency. It enables people to send and receive money directly, bypassing banks, with every transaction recorded on a public ledger known as the blockchain. The ledger is stored on thousands of computers worldwide and updated collectively, making it difficult to alter and removing the need for a central authority.
The study, published in Information and Organization, examines how specific discourses sustain confidence in the cryptocurrency. The researchers analysed public debate around three significant moments in Bitcoin’s history: its launch on the Chicago Board Options Exchange in 2017, the controversial split into Bitcoin and Bitcoin Cash later that year, and the 2022 crash that saw its price tumble from $64,000 to below $16,000. They found that people’s trust in bitcoin rests on two powerful stories. On the one hand, it is considered a fairer, more neutral and accessible technology than banks or governments because no single authority controls it. On the other hand, it is constructed as a political project that promises freedom from institutions but puts the risks and responsibilities squarely on individuals.
These narratives continue to shape our perception of Bitcoin today. In 2025, its value has hovered in the six-figure range, a reminder of both its global appeal and its volatility. It is no longer only the preserve of early adopters. Famous supporters such as Elon Musk, whose offhand comments still sway markets, and Twitter co-founder Jack Dorsey, who calls bitcoin the “native currency of the internet,” keep it in the spotlight. At the same time, major financial institutions have entered the market. BlackRock, the world’s largest asset manager, now offers clients exposure to bitcoin, with CEO Larry Fink describing it as “digital gold.” Yet sceptics, including European Central Bank President Christine Lagarde, warn that it remains a risky bet.
Bitcoin is often described as ‘trustless’ because it runs on code, but our research shows that trust is constantly built and rebuilt by people. Belief in neutral technology and in radical individual freedom keeps confidence alive, but these are fragile stories that need constant reinforcement. If you want to understand bitcoin’s resilience, you need to look at the narratives and the power dynamics behind them, not just the software.Dr Lucia Cervi
The research concludes that bitcoin’s survival is less about technical design and more about the competing ideologies that sustain it and helps explain why, despite volatility and repeated crises, bitcoin continues to attract believers, and why regulators and investors must pay attention not only to the technology but also to the stories that surround it.
Lucia Cervi is our Lecturer in Organisation Studies.