This research aims to study the concept of cryptocurrency that emerged in the 21st century as a new form of money and a new financial system which is described by F. A Hayek. This paper leads the reader to the understanding of cryptocurrency as a form of affirmation for the concept of denationalization of money from F. A Hayek as an opposition of the current concept of money and financial system. The method used in this research is analytical descriptive through F. A Hayek’s thoughts and writing about the free market, spontaneous order and monetary system, as well as through sources related to cryptocurrency as the basis of analysis and the analogy form of F. Hayek’s thought. The conceptual performed as an effort to prove the spontaneous order aspect in the cryptocurrency. The principle of identity will also be used as an attempt to provide a comparison and logical proof between the spontaneous order in the political economy and the denationalization of money in the study of economic mechanisms. This research refutes money-related ideas in the context of political power or government involvement as the only institution that has the right to determine and legalize the concept of money and the financial system. As a form of opposition against this idea, this chapter demonstrate the lack of current concepts of money and the financial system to redefine and to show the role of money that not only acts as a medium of exchange. Through the emergence of cryptocurrency, the author tries to make affirmations on two things. The first one is cryptocurrency as money has the same essence as money based on commodities and state legality. Secondly, F. A Hayek’s criticism of the state monopoly on money reveals that the approach to understanding and developing money as well as the financial system has been limited by the legalization. F. A Hayek attempted to state that freedom must be implemented in all aspects of the economy including the concept of money that is able to become a medium for diffusing information to represent the economic or market situation at the individual level. © 2021 by Nova Science Publishers, Inc.