Cryptocurrency puzzles: a comprehensive review and re-introduction

IF 1.1 Q3 BUSINESS, FINANCE

Journal of Accounting Literature Pub Date : 2023-06-06 DOI:10.1108/jal-02-2023-0023

C. Cai, Rui Xue, Bian Zhou

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引用次数: 1

Abstract

Purpose This study reviews existing cryptocurrency research to provide answers to three puzzles in the literature. First, is cryptocurrency more like gold (i.e., a commodity) or should it be classified as a new financial asset? Second, can we apply our knowledge of the traditional capital market to the emerging cryptocurrency market? Third, what might be the future of cryptocurrency?Design/methodology/approach Bibliometric analysis is used to assess 2,098 finance-related cryptocurrency publications from the Web of Science (WoS) Core Collection database from January 2009 to April 2022. Three key research streams are identified, namely, (1) cryptocurrency features, (2) behaviour of the cryptocurrency market and (3) blockchain implications.Findings First, cryptocurrency should be viewed and regulated as a new asset class rather than a currency or a new commodity. While it can provide diversification benefits to the portfolio, cryptocurrency cannot work as a safe haven asset. Second, crypto markets are typically inefficient. Asset bubbles exist and are exacerbated by behavioural finance factors. Third, cryptocurrency demonstrates increasing potential as a medium of exchange and store of value.Originality/value Extant review papers primarily study one or two particular research topics, overlooking the interaction between topics. The few existing systematic literature reviews in this area typically have a narrow focus on trend identification. This study is the first study to provide a comprehensive review of all financial-related studies on cryptocurrency, synthesising the research findings from 2,098 publications to answer three cryptocurrency puzzles.

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加密货币之谜：综述与再介绍

目的本研究回顾了现有的加密货币研究，为文献中的三个谜题提供答案。首先，加密货币更像黄金（即商品）还是应该被归类为一种新的金融资产？第二，我们能否将我们对传统资本市场的了解应用于新兴的加密货币市场？第三，加密货币的未来可能是什么？设计/方法论/方法文献计量分析用于评估2009年1月至2022年4月科学网（WoS）核心收藏数据库中的2098份金融相关加密货币出版物。确定了三个关键研究流，即（1）加密货币特征，（2）加密货币市场的行为和（3）区块链的含义。调查结果首先，加密货币应该被视为一种新的资产类别，而不是一种货币或新商品。虽然加密货币可以为投资组合提供多样化的好处，但它不能作为避险资产。其次，加密货币市场通常效率低下。资产泡沫存在，行为金融因素加剧了泡沫。第三，加密货币作为交换和价值存储媒介的潜力越来越大。原创性/价值Extent综述论文主要研究一两个特定的研究主题，忽略了主题之间的互动。该领域现有的少数系统文献综述通常只关注趋势识别。这项研究是第一项对加密货币的所有金融相关研究进行全面综述的研究，综合了2098份出版物的研究结果，回答了三个加密货币难题。

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 Accounting Literature BUSINESS, FINANCE-

CiteScore

6.50

自引率

0.00%

发文量

期刊介绍： The objective of the Journal is to publish papers that make a fundamental and substantial contribution to the understanding of accounting phenomena. To this end, the Journal intends to publish papers that (1) synthesize an area of research in a concise and rigorous manner to assist academics and others to gain knowledge and appreciation of diverse research areas or (2) present high quality, multi-method, original research on a broad range of topics relevant to accounting, auditing and taxation. Topical coverage is broad and inclusive covering virtually all aspects of accounting. Consistent with the historical mission of the Journal, it is expected that the lead article of each issue will be a synthesis article on an important research topic. Other manuscripts to be included in a given issue will be a mix of synthesis and original research papers. In addition to traditional research topics and methods, we actively solicit manuscripts of the including, but not limited to, the following: • meta-analyses • field studies • critiques of papers published in other journals • emerging developments in accounting theory • commentaries on current issues • innovative experimental research with strong grounding in cognitive, social or anthropological sciences • creative archival analyses using non-standard methodologies or data sources with strong grounding in various social sciences • book reviews • "idea" papers that don''t fit into other established categories.