Does U.S. monetary policy sway global crypto investment demand?

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-10 DOI:10.1016/j.frl.2025.107408

Martin Hodula

引用次数: 0

Abstract

This paper examines how U.S. monetary policy shocks influence cryptocurrency demand, using novel data on cryptocurrency app usage and downloads from G20 nations between 2015 and 2022. We find that monetary tightening reduces demand, with standard policy shocks causing persistent declines in downloads and usage. While Bitcoin bull markets help mitigate this effect, they do not fully offset it. In contrast, large-scale asset purchase shocks increase app usage, reflecting heightened engagement from existing users, while forward guidance shocks drive speculative interest, particularly in crypto app downloads. These findings underscore the complex interaction between monetary policy and retail cryptocurrency participation.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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