Mature fields of market activity are characterized by clear norms, entrenched meanings, and rigid power hierarchies that stabilize logics of action. However, how do logics of action emerge in a nascent field of market activity that lacks these types of institutions? To answer this question, I draw on theories of institutions and markets to examine the experiences of 23 adopters of the cryptocurrency Bitcoin during 2015 to 2016. Utilizing an iterative combination of correspondence analysis (CA) techniques and narrative analysis, I show how Bitcoin adoption was motivated by competing value frameworks that corresponded to different user types in the system. This resulted in the emergence novel “extra-institutional logics” that supported the growth of Bitcoin as a whole despite being centered on different visions for the future of the system. These logics provide a unique glimpse into how Bitcoin was able to survive during a period of notable instability preceding a historic market bubble. This article provides support for dynamic theories of markets and demonstrates how logics of action are tethered to the characteristics of the fields in which they emerge.

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新兴市场领域的机构外逻辑：比特币经验中的价值和实践

市场活动的成熟领域具有清晰的规范，根深蒂固的含义以及稳定行动逻辑的严格的权力等级制度。但是，在缺乏这类机构的新兴市场活动领域中，行动逻辑如何出现？为了回答这个问题，我借鉴了机构和市场的理论，研究了23位采用加密货币的比特币在2015年至2016年之间的经验。利用对应分析（CA）技术和叙述分析的迭代组合，我展示了比特币的采用方式受与系统中不同用户类型相对应的竞争价值框架的激励。这导致出现了新颖的“外部制度逻辑”，尽管围绕系统的未来有不同的看法，但这种逻辑支持了整个比特币的增长。这些逻辑提供了一个独特的瞥见，即在历史性市场泡沫爆发之前的一段明显不稳定时期，比特币如何能够生存。本文为动态市场理论提供了支持，并说明了行动逻辑如何与它们所出现的领域的特征联系在一起。