Global drivers of cryptocurrency infrastructure adoption

Saiedi, Ed and Broström, Anders and Ruiz, Felipe (2020). Global drivers of cryptocurrency infrastructure adoption. "Small Business Economics", v. 2020 (n. March); pp. 1-54. ISSN 1573-0913. https://doi.org/10.1007/s11187-019-00309-8.

Description

Title: Global drivers of cryptocurrency infrastructure adoption
Author/s:
  • Saiedi, Ed
  • Broström, Anders
  • Ruiz, Felipe
Item Type: Article
Título de Revista/Publicación: Small Business Economics
Date: March 2020
ISSN: 1573-0913
Volume: 2020
Subjects:
Freetext Keywords: Bitcoin network; Digital currencies; Cryptocurrencies; Financial technology (Fintech); Bitcoin nodes; Bitcoin merchants
Faculty: E.T.S.I. Industriales (UPM)
Department: Ingeniería de Organización, Administración de Empresas y Estadística
Creative Commons Licenses: Recognition - No derivative works - Non commercial

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Abstract

A vast digital eco-system of entrepreneurship and exchange has sprung up with Bitcoin?s digital infrastructure at its core. We explore the worldwide spread of infrastructure necessary to maintain and grow Bitcoin as a system (Bitcoin nodes) and infrastructure enabling the use of bitcoins for everyday economic transactions (Bitcoin merchants). Specifically, we investigate the role of legal, criminal, financial and social determinants of the adoption of Bitcoin infrastructure. We offer some support for the view that the adoption of cryptocurrency infrastructure is driven by perceived failings of traditional financial systems, in that the spread of Bitcoin infrastructure is associated with low trust in banks and the financial system among inhabitants of a region, and with the occurrence of country-level inflation crises. On the other hand, our findings also suggest that active support for Bitcoin is higher in locations with well-developed banking services. Finally, we find support for the view that bitcoin adoption is also partly driven by cryptocurrencies? usefulness in engaging in illicit trade.

More information

Item ID: 62712
DC Identifier: http://oa.upm.es/62712/
OAI Identifier: oai:oa.upm.es:62712
DOI: 10.1007/s11187-019-00309-8
Official URL: https://link.springer.com/article/10.1007/s11187-019-00309-8
Deposited by: Memoria Investigacion
Deposited on: 28 Aug 2020 15:19
Last Modified: 28 Aug 2020 15:19
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