Global and local drivers of Bitcoin trading vis-à-vis fiat currencies

IF 3.3 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-09-01 DOI:10.1016/j.jimonfin.2025.103405

Paola Di Casola , Maurizio Michael Habib , David Tercero-Lucas

引用次数: 0

Abstract

We analyse global and local drivers of Bitcoin transactions against 45 fiat currencies in the largest peer-to-peer crypto exchanges. Global factors, such as momentum in the crypto-asset market or financial market volatility, do matter for Bitcoin trading. There is evidence of a global crypto cycle driven by speculative motives. Trading across currencies and users around the world moves in tandem with fluctuations in the Bitcoin price. Crypto shocks and global risk shocks are behind this cyclical comovement. Crucially, Bitcoin seems to also offer utility benefits in emerging and developing economies, since trading increases after idiosyncratic, currency-specific shocks that depreciate the currency. Local projections analysis and case studies confirm this important link between exchange rate instability and Bitcoin transactions.

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比特币交易与-à-vis法定货币的全球和本地驱动因素

我们分析了在最大的点对点加密交易所中，比特币交易与45种法定货币的全球和本地驱动因素。全球因素，如加密资产市场的势头或金融市场的波动，对比特币交易确实很重要。有证据表明，全球加密周期是由投机动机驱动的。全球货币和用户之间的交易与比特币价格的波动同步进行。加密货币冲击和全球风险冲击是这种周期性波动的背后原因。至关重要的是，比特币在新兴和发展中经济体似乎也提供了效用效益，因为在特殊的、特定于货币的冲击导致货币贬值后，比特币的交易量会增加。本地预测分析和案例研究证实了汇率不稳定与比特币交易之间的重要联系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.