In contrast with other remarkable contractionary periods in modern economic history, in the aftermath of the Great Recession, mainstream economic policies did not show any significant change. In addition, inflation targeting and balanced budget are still seen as the pillars of a stable economy. Besides, cryptocurrencies are reflected as the most likely innovation to the fully digitalized economic order by some accounts in the aftermath of the Great-Recession era. On the emergence and the prospective role of cryptocurrencies however, there is a consensus neither among economists, nor central bankers. Hundreds of cryptocurrencies were introduced onto the coin market. This competitive market leads us to approach critically to the denationalized and competing currencies concept, which was proposed in the 1970s by Benjamin Klein (1974) and F.W. Hayek (1976a and 1976b). Involvement of free enterprises in currency issuance was encouraged in the studies of Hayek and Klein during the 1970s. This view was an extension of the liberal ‘state failure’ critique, which went beyond well-known state intervention debate among keynesians and liberals. Nevertheless, Hayekian ‘competing currencies’ notion has been predominantly debated among liberals. Heterodox economists were rather interested in recently appearing real life practices since 1970s, such as the decay of developmental state, financialization, precarization of the labor market. However, upon the emergence of cryptocurrencies, 1970s’ hypothetical liberal implications turned out to be a serious issue to debate on. Therefore, in this paper, F.W. Hayek’s previous studies on monetary policy, proposals of Benjamin Klein (1974) and F.W. Hayek (1976a and 1976b) on competing private currencies, other contributions and some of recent studies on cryptocurrencies are reviewed and discussed. Subsequently, the critical focus of the study will be on the compatibility of Hayekian competitive money market, cryptocurrencies and the development issue. In this regard, the author hopes to move this debate forward, beyond liberal inflation anxiety and virtual coin euphoria which is justified with the temporary surge in coin market, to compatibility of cryptocurrencies, Hayekian money market approach and development economics.