POL 280 – Bitcoin in Practice

Four credits, EXP, FDR-SS2
Week 1 in Lexington; weeks 2 and 3 in Argentina; week 4 in Lexington 
Professor Seth Cantey 


Since 2008, bitcoin has grown from an idea posted anonymously online to a digital asset that has caught the attention of sovereign states. It has been used by activists with frozen bank accounts, refugees crossing borders, environmentalists fighting climate change, immigrants sending remittances, and more. This course explores what bitcoin is and how people around the world are using it every day.

To understand bitcoin, we first need to understand the concept of money. The class begins with discussion of the evolution of money, including commodities as money, proto-banking, the hawala system, free banking, and the rise of central banks and fiat currencies.

The second part of the course explores the emergence of bitcoin, including what we know about its pseudonymous creator, Satoshi Nakamoto. What problems did Satoshi believe bitcoin could solve? How is bitcoin (the currency) different than the Bitcoin Network? What have been bitcoin's principal use cases so far?

The third part of the course takes place in Argentina. For ten days in and around Buenos Aires, the class meets with politicians, economists, entrepreneurs, and everyday people - bitcoin advocates and skeptics alike - to understand why bitcoin adoption is higher in Argentina than most other countries.

For the final part of the class, we return to Lexington, where we digest our time abroad and think about the present and future of bitcoin's role in global politics. Is bitcoin here to stay? Will governments fight or embrace it? Is widespread global adoption possible or even likely?

In sum, we examine money from first principles and bitcoin as an alternative to fiat currencies. This is not a course where bitcoin is presented as a panacea for global problems, but rather one where a potentially disruptive monetary technology is carefully examined early in its existence.

For further details, please contact Professor Cantey (canteys@wlu.edu).

Program fee (Paid to W&L): $2,354
Includes programming, room, fees, transportation to and from the airport, and in-country transportation. Breakfast will be included nearly every day, as well as a few lunches and dinners.

Additional costs: airfare, most lunches and dinners, cell phone, spending money, passport, and visa fees (if applicable)

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Applications open October 4th, 2024.