The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/2044-1398.htm
CFRI
11,4
552
Received 23 March 2020
Revised 9 November 2020
23 December 2020
Accepted 17 January 2021
China Finance Review
International
Vol. 11 No. 4, 2021
pp. 552-572
© Emerald Publishing Limited
2044-1398
DOI 10.1108/CFRI-03-2020-0026
What do we know about
cryptocurrency? Past,
present, future
Mohammed Sawkat Hossain
Chairman, Finance and Banking Department, Faculty of Business Studies,
Jahangirnagar University, Savar, Bangladesh
Abstract
Purpose – The authors make a fundamental initial effort to conduct a systematic review analysis on
“cryptocurrency,” mainly to analyze the way it has been changing the “stereotype” financial transactions, and
also identify the probable unexplored research avenues on this innovative investment regime. The study aims
to draw the landscape of the current state, prospects, challenges, trends and possible agendas of
cryptocurrency in the global market.
Design/methodology/approach – Using a quali-quantitative approach widely known as meta-literature
review, the synthesis analysis on “cryptocurrency” is conducted. Methodologically, the authors review and
analyze the most recent and relevant papers preferably published between 2016 and 2020 in leading business
and finance journals of ISI Web of Science (ISI WOS) through bibliometric analysis particularly coupled with
content analysis.
Findings – The findings of the meta-analysis summarize the relevant stylized facts of the cryptocurrency
market: distinctive features of blockchain technology, decentralized payment method, low-cost facility,
ensuring pseudo-anonymity, independence from central authority, double spending attack protection, organic
and instantaneous nature, among others. In addition, the analysis identified several future research regimes:
pricing model, prospect of investment regime, hedging properties, volatility dynamics, information
asymmetry, underlying risk factors and bubble-like nature in global cryptocurrency market.
Practical implications – This academic novelty significantly contributes to enhance our knowledge on the
current state-of-the-art of digital finance, outlines the research agenda and eventually provides important
investment implications for financial managers, research analysts, investors, market practitioners, regulatory
compliance professionals and policymakers. Therefore, the findings shed the lights on new investment
opportunity in the global market.
Originality/value – Cryptocurrency, virtual currency or digital asset having cryptography for idiosyncratic
security features, seems to be a persistent paradigm shift in the digitalized financial system. Despite the
continuing growth, the academic research on cryptocurrency is still at nascent stage, particularly because
researchers did not deeply draw attention at this financial innovation. In addition, the authors argue that none
of the earlier studies yet conducted a meta-analysis on this latest investment regime. Therefore, this review
study is the initial attempt to fill up the gap in the finance literature.
Keywords Cryptocurrency, Blockchain technology, Financial innovation, Digitalized financial system,
Investment regime
Paper type Literature review
1. Introduction
Cryptocurrency means digital cash or virtual currency devised to be faster, cheaper and
reliable than the ordinary central authority particularly the government issued money in a
country. Hence, cryptocurrency is an alphanumeric currency in which encryption techniques
are used to regulate the generation of this currency, verify the transfer of funds and operate
independently of the central bank or authorized regulatory body (Neves, 2020; Makarov and
JEL Classification — F65 (Finance), G15 (International Financial Markets).
The author deeply mourns for the martyrs around the globe and compatriots who died in COVID-19
pandemic. Any positive outcome of this study is dedicated to those unfortunate persons who have
passed away due to the severe outbreak of COVID-19.
Schoar, 2020; Bouri et al., 2019; Brandvold et al., 2015). In short, we can refer the current Cryptocurrency
popularity of cryptocurrency as “Fire Triangle.” Like fire needs fuel, oxygen and heat to exist,
it requires user acceptance, vendor acceptance and innovation to ignite in the extant
digitalized financial system. Fact is that, without any of prior three elements, these currencies
may not truly operate as a mainstream currency. Based on current review analysis on
cryptocurrency, we understand that it is a secure transaction process that creates a digital
currency with the cryptographic protocol. In addition, blockchain helps to immune the
conventional approach of government controlling system and decentralize the 553
cryptocurrency mechanism (Corbet et al., 2019). Hence, the basic purpose of
cryptocurrency is to facilitate the process of transaction and transfer while confirming
required security through the private or public key. This system allows users to skip fees that
are indicted by regulations of conventional financial institution and thereby make the
transaction with minimal processing fees (Chaim and Laurini, 2019; Urquhart, 2017). Having
the importance of research issue on cryptocurrency considered, the key objective of the study
is to conduct a synthesis analysis on global cryptocurrency market, thereby analyze the
inherent and relevant distinguishing features and, finally, identify the possible future
research directions on this innovative instrument. Hence, this study might significantly ignite
us to evaluate if cryptocurrency is a persistent paradigm shift in the digitalized financial
system.
Based on the review analysis, we find that bitcoin, having its distinguishing features of
decentralized payment method, is used as the most popular electronic cash even without the
presence of a third party. Historically, it is initially hosted by the Japanese Satoshi Nakamoto
in 2009 [1]. According to De-Vries (2016), prior to the innovation of the bitcoin system, several
communities tried, but the bitcoin is the first ever digital currency that created a fully
decentralized system and also prevented double spending using some cryptography
instruments. Nowadays, bitcoin is the term that has become the talk of the town from a mere
obscure concept of coding for virtual payment process. In this respect, from different types of
secondary analysis, we draw several predictions: (1) day-by-day, the electronic transaction
via digital currency is increasing at a higher rate; (2) due to implementing digital payment,
blockchain technology is widely exercised; (3) the growth of bitcoin cannot be merely
considered just as niche monies around the globe; and (4) virtual currency might face severe
regulatory and legal risk; among others.
We analyze that cryptocurrency is based on the innovative and revolutionary blockchain
technology, where every transaction is recorded chronologically in a publicly distributed
ledger, and it enables the transaction between the respective parties directly across the world
without any involvement of financial intermediaries (Aalborg et al., 2019; Adeleke et al., 2019;
Brandvold et al., 2015). Its intrinsic value derives mainly from the trust of its users and also
gets protected by its idiosyncratic features and distinguishing properties. Nowadays,
cryptocurrency draws colossal attention and thereby emerges as an independent payment
system particularly in digital finance regime across the globe. Interestingly, by realizing the
momentum of the virtual features, Japan and Germany acknowledge bitcoin as a legal form of
payment and alternative investment vehicle. Afterward, it has rolled out as an innovative
financial asset and is currently being regulated as a legal commodity in the USA and many
other countries (Jare~ no et al., 2020; Corbet et al., 2019). Hence, because of higher market
demand, cryptocurrency outspreads faster in the global market. Currently, there are other
types of cryptocurrencies emerging in the digital currency market, such as: Bitcoin, Litcoin,
Ethereum, Zcash, Ripple, Mintchip, Dash, Doge-coin, Monero, Nxt, Bit-Shares, Maidsafe-Coin
and Byte-coin, among others. Therefore, we remark that the global cryptocurrency market
having more than 1,000 different forms of virtual coins operating in around 38 countries is
notably mushrooming in today’s digital financial system with a spectacular growth rate and
stability particularly over the past decade (Figure 1).
CFRI
Ripple: $48bn
11,4 Ethereum
$105bn Bitcoin Cash: $27bn
Cardano: $16bn
Stellar: $11bn
Bitcoin
$191bn Litecoin: $10bn
EOS: $9.1bn
554 NEO: $9.0bn
NEM: $8.4bn
Others: $119bn
Figure 1.
The global market
capitalization of Note(s): The list of types and market capitalization is available at: https://coinmarketcap.com/
cryptocurrency as of https://beincrypto.com/bitstamp-review/
December 2018
source(s): (https://beincrypto.com/bitstamp-review/)

We argue that without appropriate understanding the underlying distinguishing features

and market behavior of cryptocurrency, it becomes difficult to investigate if cryptocurrency
is a paradigm shift in the digitalized financial system. However, we find that there is a
subjective debate and argument on this research issue in the existing literature of
cryptocurrency. For instance, several scholars claim bitcoin as a virtual or digital gold,
because it has the characteristics of a “Safe Haven Asset” like gold. Others consider it an
innovative and speculative bubble and Ponzi scheme, because it has very weak or even no
fundamental value like conventional security. According to the market analysis of Statista
(February 2019), the bitcoin price has, skyrocketed from less than US$10 in August 2011 to
US$18,940.57 on December 2017. At the end of August 2018, it is traded at US$7,017.35 and
shows a consistent upward trend. The collective market capitalization of all cryptocurrencies
has plunged to US$186bn on September 12, 2018, from its January peak of US$831bn. Based
on the analysis, we find that bitcoin has been highly volatile in terms of speculation in the
global market. Hence, we assume that it might be a financial catastrophe if someone
meticulously adopts it as a general currency for alternative investment scheme.
The contribution of the study is expected to be topped over earlier studies on
cryptocurrency, because our review analysis is the initial attempt for conducting a
comprehensive meta-analysis on cryptocurrency, which is developed based on the most
recent and relevant papers on the issue. To the best of our knowledge, the literature review on
cryptocurrency is still at the emerging stage in spite of high potential, growth and prospect of
cryptocurrency. In this respect, we find that the volume of research studies on cryptocurrency
with empirical analysis is still very limited. A number of contemporary economists are
skeptical, while some others consider bitcoin as “Evil” (Baek and Elbeck, 2015). It is
considered as speculative bubble and has weaker fundamentals in the market (Corbet et al.,
2019; Fry and Cheah, 2016). However, some argue that the price volatility of cryptocurrency,
particularly the bitcoin, is not erupting from speculation (Blau, 2017). In addition, Feng et al.
(2018) find strong evidence of informed trading in bitcoin. However, the bitcoin market is
becoming gradually more efficient and effective having a higher market demand (Jiang et al.,
2018). Some researchers have recently observed significant hedging power of bitcoin because
it is uncorrelated or weakly correlated with major equities, oil and currencies. In addition,
Aggarwal et al. (2020), Neves (2020), Abubakar et al. (2019) claim bitcoin as a digital gold
having the distinguishing characteristics of a safe dock like gold. In this respect, we analyze
that both bitcoin and gold derive most of their values based on the intuition that they are
scarce and costly to extract in the global market regime.
 Therefore, this review analysis on “cryptocurrency” clearly provides a systematic and Cryptocurrency
comprehensive review of the existing literature on the recent and relevant qualitative and
quantitative studies published preferably between 2016 and 2020 primarily to identify the
unknown research issues on this virtual currency, and eventually, evaluate them in the
context of international finance. We believe that this study has a notable contribution to a
small but growing literature on business and finance literature by sharpening our academic
knowledge on cryptocurrencies, which is an endeavor of general interest to the investors. We
notice that no prior study presents the meta-analysis yet on the current state-of-the-art of 555
digital currency. Therefore, as the original effort, the findings and suggestions of the
synthesis analysis might be a breakthrough in estimating the thematic areas and key
research issues (avenues) on virtual currency around the globe. Overall, this academic
novelty significantly contributes to enhancing our knowledge in corporate finance, outlines
further study plan and eventually provides business strategy and investment implications in
global context. In the next section, we sequentially discuss about research methodology,
review the current literature of cryptocurrency, summarize the findings, implications and
future research areas. The final section wraps up with the summary of cryptocurrency
literature analysis.

2. Research methodology
As stated earlier, in this paper, we reviewed the extant research on cryptocurrency by
undertaking a meta-analysis based on current and relevant papers published in different top
business, management and finance journals of ISI Web of Science (ISI WOS). In a simple
understanding, we understand that a meta-analysis is critical assessment of the extant
literature; and therefore, it is a combination of different analyses. As of now, employing a
bibliometric analysis to conduct a meta-literature review is a mushrooming research
technique. In this respect, our meta-literature review of cryptocurrency is unique, which
consists of bibliometric citation and content analysis. This study performs a quali-
quantitative literature review that consists of multiples stages and systematic sample
selection, particularly keeping in view the stated research objectives.

2.1 Meta-literature review

As mentioned earlier, our meta-literature review is based on two important stages: bibliometric
citation analysis (quantitative assessment) and content analysis (qualitative assessment).
2.1.1 Bibliometric analysis. Historically, bibliometric methods are used as the quantitative
measurement and statistical methods to analyze all aspects related to the publications,
particularly to trace relationships among academic journal citations (Paltrinieri et al., 2019;
Hossain et al., 2018; King et al., 2004). In this respect, we find that citation analysis, which
involves examining an item’s referring documents, is used in searching for materials and
analyzing their merit, such as: identification of influential aspects, influential journals,
research streams or groups, co-authorship network, recurring keywords under each stream
(cartography review), among others (Martindale, 2020).
2.1.1.1 Influential aspects of cryptocurrency literature. To identify the influential aspects
of cryptocurrency literature, we conduct the citation analysis. Our initial findings indicate
that the study sample of most pertinent and latest papers is from ISI WOS published by 19
journals and belongs to 174 authors having around 419 citations. It is important to identify
the influential aspects of cryptocurrency literatures; for instance, list of journals with number
of articles; list of authors, years, methods, research issues and future agendas based on
underlying research gaps; and above all, the list of cryptocurrency current market trend
analysis around the globe.
CFRI 2.1.1.2 Citation analysis. In general, we use a reference (a citation) to acknowledge that the
11,4 current study provides allusion to a prior published research. In this respect, the scientific
practice instructs that the bibliographic reference identifies the previous scholars,
philosophies, theories, concepts, methods or findings that motivate or are drawn upon
when overseeing the central research. Hence, we find that a citation is an explicit recognition
of an intellectual obligation or debt, implying a nexus between the citing and the respective
cited research (Paltrinieri et al., 2019). In this respect, the most recent study conducted by
556 Hausberg and Korreck (2020) postulates that there several important propositions of
appropriate citations, such as: (1) the citation of a research reflects the quality, significance
and impacts of that study; (2) the citation of a work implies use of that effort by the citing
scholar, (3) scholars quote the best possible works; and above all, (4) the cited work is linked in
contents to the mentioning works. In this study, we conduct an in-depth citation analysis
mainly to review the prior scholarly works having the significant impact, as well as to detect
future research shifts – as systematically executed by Hossain et al. (2018) on their recent
studies of synthesis analysis on sukuk literature review.
2.1.2 Content analysis. In general, content analysis is a descriptive approach to
communication research, and as such, is used to describe communicative phenomenon. Its
main objective is to determine the meaning, purpose or effect of any type of literature by
studying and evaluating the details, suggestions and implications of the contents. In this
study, we conduct content analysis by carefully reviewing the latest and related papers
published in top-tier journals. We execute the content analysis particularly to systematically
review, explore and confirm the result of bibliometric citation analysis.

3. Review analysis
As stated earlier, a cryptocurrency is a digital or virtual currency that uses cryptography for
security. Hence, a cryptocurrency is difficult to imitate because of its distinguishing safety
measures. Many cryptocurrencies are decentralized systems based on blockchain technology
and maintains a distributed ledger enforced by a disparate network of computers. In addition,
a defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it
is not issued by any central authority, hence rendering it theoretically immune to government
interference (Bouri et al., 2019; Chounste and Quazi, 2018; Chuen et al., 2018). We analyze that
due to the lack of authorized regulation and supervision particularly from the central
government of a country or any involvement of financial intermediaries, the risk-averse
investors are still in a dilemma to make investment on this innovative financial product.
Before addressing the review analysis, let us make a summary on historical background of
cryptocurrency and current cryptocurrency market.

3.1 Background of cryptocurrency

Historically, we find that in 2008, a Japanese called Satoshi Nakamoto initially introduced a
dynamic research paper titled “Bitcoin with a view to discussing cryptography.” Following
that, the public gets the bitcoin software in reality in the year of 2009. It is the first time after
which the procedures of transferring and presenting bitcoin are processed, recorded and
verified in blockchain technology. We find that bitcoin was at the outset valued for publicly
trading in 2010. As a consequence of further development, the first alternative
cryptocurrency is known as Altcoin, as sequentially followed by Namecoin, Litecoin,
among others. As of now, there are around 1,000 virtual currencies standing in the circulation;
in addition, the trend of new one is also adding up progressively across the globe (Good, 2019).
Afterward, people started more to take the privilege and broader implications of the
cryptocurrency. As the currency is designed like anonymity and also not controlled by any
specific authority, a particular section of opportunists also finds it lucrative and convenient to Cryptocurrency
use as criminality (De-Vries, 2016). For example, we can refer an incident that is happened in
2014. In particular, most recently, one of the world’s biggest bitcoin exchanger became offline
with 850,000 bitcoin and his name is Mt. Gox (Forbes.com, accessed on December 29, 2019).
After that, a platform of cryptocurrency is developed in the name of Ether, particularly to
facilitate blockchain through its smart contract and app as well. However, we find that
WordPress is the biggest merchant that excepts quick payment in bitcoin. Despite a number
of technical constraints, as of now, the large portion of the companies exercise cryptocurrency 557
as their legitimated payment system around the globe (Makarov and Schoar, 2020; Lidstone
and Schuessler, 2019). Let us now discuss about different types of digital currencies that are
notably available in the global market:

3.2 Types of cryptocurrency

3.2.1 Bitcoin. As stated earlier, bitcoin has the distinguishing attributes of a safe haven like
gold. In particular, it is the initial distributed virtual currency in the international financial
market. In addition, the system of bitcoin functions without any particular authority
(administrator) or even an intermediary. Bitcoin being work as a reward for a process is
known as mining. They might be transacted for other currencies, financial products and
services as part of the digitalized financial system.
3.2.2 Ethereum. We find that Ethereum is termed as Ether, because this particular
cryptocurrency is oriented on a special system of Ethereum platform based on blockchain
technology. In fact, it is recognized as a common or public platform with an easy access source
of blockchain-based computing having a smart scripting facility. In addition, it functions
under the modified version of Nakamoto’s cryptocurrency with a transaction-based payment
system. Historically, Ethereum is first introduced in 2013 by Mr. Vitalik Buterin, who is
professionally a computer programmer and researcher in the regime of virtual currency.
3.2.3 Litecoin. As of now, Litecoin is well-thought-out as a leading virtual instrument for
the most widely used currency of bitcoin. We summarize that the key intension of designing
Litecoin is to complete the transaction fast and secure. Historically, Litecoin is introduced in
October 2011. The pioneer of Litecoin, Mr. Charles Lee, pointed that Litecoin, which is
considered as silver against bitcoin, renders as proxy gold in the global market.
3.2.4 Ripple. Historically, we find that Ripple is started in the year of 2012 by a renowned
firm named “Open Coin” with its founder Chris Larsen who is a famous technology
industrialist. In fact, Ripple is a digital currency that follows a payment method like that of
bitcoin. In a nutshell, the exchange method designed for Ripple facilitates the exchange of
required fund in any respective currency to any other trader via the Ripple distinguishing
properties and network just within a few seconds.
3.2.5 MintChip. MintChip is basically a convention of government-oriented institutions
such as the Royal Canadian Mint. In this respect, it is quite dissimilar to most other
cryptocurrencies of the global market. We summarize that MintChip is a smart form having
digital value that derives secretly and safely from one chip to another of the system.

3.3 Centralized to decentralized mechanism

We notice that the conventional financial system has a lengthy settlement period. In addition,
its high trading fees have made people interested in other cheaper and easier to process
money. People are now more intrigued about a money system where there is no middleman
with lesser risks. In reality, this has made digital money system to flourish. Before
cryptocurrency became popular, there were other digital money prevailing in the online
financial scene. We find that digital currency generated by online-based institutions and the
finances of these coins are handled by the institution, which, in other words, mean the system
CFRI is centralized. These coins were only meant to support the business of the companies and
11,4 were not able to substitute fiat money. The reason is that these coins were only loyalty points
but not real money and were worthy of mentioning for the companies, such as: Rakuten,
iHerb, among others.
Based on the above discussions, we conclude that because centralized digital money failed
to substitute fiat money, decentralized digital money came into popularity. The plan was to
establish a no intermediary trading system. However, this came in with other problems such
558 as the issue of double spending. People were still finding ways to solve this problem so that
the coin can be spent more than once. As a consequence, the first cryptocurrency eCash is
introduced based on a centralized system, which protected its users’ privacy by using a blind
signature. Then came e-Gold, but it failed to solve the double spending problem, which
resulted in its liquidation (Chuen et al., 2018; Urquhart, 2017; Selgin, 2015). Finally, bitcoin is
introduced, which saves the privacy of its users by using blockchain and solved the problem
of double spending.

3.4 Working process of cryptocurrency

Technical control and sources of code are very complex for the general people to understand
the regulatory process of cryptocurrency. In reality, bitcoin is the most widely accepted and
thereby largely used cryptocurrency, and there are a number of variations in bitcoin.
Cryptocurrency is like traditional currency and is used to estimate value by the uniting
format (Schilling and Uhlig, 2019). The discussion on several important components of
cryptocurrency working process is discussed below.
3.4.1 Blockchain. It is widely stated that blockchain is considered as a “Ledger of
cryptocurrency mechanism” (Raymaekers, 2015). It is used to track record and store all the
necessary transactions of digital currency. It also notes down the validity and ownership of
all units that takes place in a definite period. History of the transaction is properly recorded
according to the date; therefore, the number of transaction increases over time. After inserting
the transactions into the blockchain, the procedure of finalizing the transaction is completed.
In the transaction process of virtual currency, the system does not allow any refund or
chargeback function, except in some newer cryptocurrency (Ferdiansyah et al., 2019; Saito
and Iwamura, 2019; Statista, 2019).
3.4.2 Private key. In case of using cryptocurrency or digital currency, the most necessary
point is to get a secret private key. It is a combination of numbers that is different in format to
separate a user from others and thereby make the individual code for each user. Hence, it is
named as private key that makes authentic identity and thereby helps the user to trade via
cryptocurrency. Generally, the formation of this key is 1–78 digits long, and without this key,
no user can spend or convert their currency. In case of losing the key, the user can format an
innovative one, but the holding cryptocurrency that is related to the prior one cannot be
recovered (Chuen et al., 2018).
3.4.3 Wallet. We find that wallet is dissimilar to private key. Generally, it is considered for
getting confirmation to the user and informing that they are temporary users of their holding
through unique information. Fundamentally, wallet is designed to reduce the possible theft.
In the history of cryptocurrency process, there are lots of situations where the cryptocurrency
might be hacked and thereby theft by some criminals. In the same vein, the wallet is
vulnerable to hacking, and therefore, it is mandatory to save and protect the key into the
cloud, external storage or internal hard-drive device (Huberman et al., 2019). We understand
that the backing of a wallet means recording possession and accessibility of the unit, but not
the actual unit of the corresponding cryptocurrency.
3.4.4 Miners. In particular, it is a server of keeping record about the community of the
cryptocurrency traders. In the minor system, it uses large collective power to control private
server firm that is owned by mining group of collective individuals. High technology is used
in minors to check the accuracy, completeness as well as safety measures of the blockchain Cryptocurrency
technology. Minors follow the periodic system to create a new copy of the blockchain device,
adds the previous transaction and thereby effectively complete them.
3.4.5 Finite supply. It is a key granter value (Urquhart, 2017). It refers that the minors will
gain fewer new unit as per the newer blockchain they use. Miners attend only transaction fees
according to their work. We analyze that this finite supply of cryptocurrency is more similar
to the gold metals and fiat money.
3.4.6 Exchanging process. As of now, several of the popular currencies like bitcoin and 559
Ripple are forwarded via the secondary exchange system. This platform allows the users to
exchange cryptocurrency, fiat currency and the dollar. In return, the exchanging process
charges 1% from any transaction that it provides quick and secure services (Bouri et al., 2019).
3.5 SWOT analysis
With all the three aspects: user acceptance, vender acceptance and innovation to ignite –
bitcoin became a legitimized mainstream currency and also increased its popularity. As it can
easily move across national borders in global trading, it brings mutual prosperity. Based on
the existing literature analysis, let us now conduct a SWOT analysis on cryptocurrency and
its global market scenario.
3.5.1 Strengths.
(1) There is a lot of similarity between cryptocurrency and precious metal. We know that
precious metal allows the inflation protection to eliminate fiat money, and
cryptocurrency also follows the process to exist in the global market. Based on this
proposition, it is argued that cryptocurrency is hard-wired for society (Chaim and
Laurini, 2019).
(2) We notice that digital currency accepts the users to conduct business transaction,
exchange and transfer the required virtual currency without having the monitoring of
the central bank of a country. The people who do not like the policy of national banks
like using printed money or having restriction of buying a government bond,
cryptocurrency is an alternative for them (Urquhart, 2017).
(3) We find that under the cash or even credit systems, the entire dealing history could
become a reference document for the bank or credit agency. In this respect,
cryptocurrency significantly adds confidential transactions to the respective users of
the digitalized financial system.
(4) We find that it is the key responsibility of miners to confirm appropriate quality
control as well as policy mechanism (Katsiampa et al., 2019). They are bound to do
their job accurately, because they are paid for their job. Apparently, the miner section
has the financial benefit in this process.
(5) As part of confidential trading, cryptocurrency confirms security and anonymity in
virtual currency transactions. In addition, the individualities of the corresponding
users are held secret and confidential from the associated stakeholders all the time.
(6) We notice that individuals’ cryptographic forms of money are advanced and cannot
be duplicated or switched self-assertively by the sender, likewise with Mastercard
chargebacks.
(7) Regarding the issue of prompt transaction settlement, Aggarwal et al. (2020)
postulate that cryptocurrency contracts can be planned and authorized to dispose of
or include outsider endorsements, reference outer actualities or be completed both
effectively and efficiently.
CFRI (8) After the invention of cryptocurrency, the double spending system is reduced;
11,4 because people can avoid the double payment system to transfer into cryptocurrency.
Using a private key, wallet or blockchain, the users just pay a minimal amount of
charge (Aste, 2019).
(9) In the cryptocurrency system, international transaction deals are similar as the
domestic transaction. In particular, digital currency permits the traders to execute
560 financial transaction without extensive or nominal fee and without any issue of
geographical position of the debtor or creditor is positioned (Lidstone and Schuessler,
2019; De-Vries, 2016).
3.5.2 Weakness.
(1) There is the possibility that hackers and malicious clients may make abnormal profits
by undue exercise of virtual cash. It might take place in the non-privileged exercise
that they crack the system and get the associated technique for virtual money
demonstrations. This might prompt the capacity to make counterfeit virtual money or
take virtual cash by simply changing the adjustment records (Bouri et al., 2019).
(2) As some virtual cash frameworks are associated with true financial frameworks, they
may influence the requests and supply offices of true cash. For instance, empowering
clients to buy virtual and genuine merchandise and ventures with virtual cash in
certain stages may decrease the requests on genuine cash. Then again, empower
clients to trade their virtual cash with genuine money might expand the requests on
certifiable cash (Selgin, 2015).
(3) In the greater part of virtual cash stages, gamers and clients can make more than one
record with obscure personalities and use them for unlawful exchanges. It is
unfortunate that there is no privilege to apprehend the source or origin of revising the
digital currency form (Bhosale and Mavale, 2018).
(4) Cryptocurrency has no existence in real life. Hence, if there is no backup of securities
possession, all virtual money or cryptocurrency might be at a theft or fully lost due to
server crash. This is a foremost limitation and a fundamental cause why clients or
risk-averse investors are not interested in this innovative investment.
(5) The price of cryptocurrency mainly varies on supply and demand balance in the
market. Exchanging with another currency becomes difficult if the rate of exchange
fluctuates immensely.
(6) Cryptocurrency is not yet widely popular in all the countries. Although a few people
know about it, most of the investors do not have deep knowledge about it. As a result,
people with limited understanding invest in it and fall victim of online fraud and
might incur a huge loss.
(7) There are even many online stores that do not accept cryptocurrency. Further, virtual
payment is irreversible. We criticize that once the digital payment is done using
cryptocurrency, it is impossible to reverse.
3.5.3 Opportunities.
(1) As of December 2018, the current market trading volume of only bitcoin is more than
21 million, which is relatively safe and secure from the severe consequence of inflation
and price bubbles (https://coinmarketcap.com, accessed January, 28, 2019).
 (2) Bitcoin does not require the system of exchange in person. To execute a trading, one Cryptocurrency
requires an online authentic account, and the transactions through bitcoin take place
within short time preferably within a few minutes. Hence, the main strength of bitcoin
is that it can be traded expeditiously and still is used worldwide.
(3) Cryptocurrency is used as hedge financing to circumvent debt market barrier. Hence,
investors of deteriorating global capital markets are interested to exercise virtual
money. In fact, an upturn in bitcoin exercise is on rise trader’s approval around the 561
globe.
(4) Cryptocurrency enables to minimize the gaps in existing financial technology, and it
plays an important role to resolve the problems of traditional banking systems.
(5) In an emergency international transaction, it can be used conveniently to increase its
value in international business-to-business scenarios.
(6) In online shopping, it can be used as a huge opportunity of cryptocurrency. As of now,
eBay uses a paying system that is similar to bitcoin, which is called PayPal.
(7) One of the greatest opportunities of bitcoin is that it functions as a kind of commodity
or financial product, which resembles to gold. Hence, it can bring about a new
mainstream and innovative regime to business.
3.5.4 Threats.
(1) There is the possibility that cryptocurrency might face fraud and embezzlement
because of faulty system setups of current exchange companies. These led the
investors to rethink that it is an unsafe location to invest their money. Hence, these
factors limit consumers’ trust.
(2) There are competitors like Apple Pay that are attempting to provide an alternative to
digital currency. Apple, Google and Amazon have a huge advantage over bitcoin, as
they are providing an alternative exchange system.
(3) After the classification of bitcoin and legislation in many countries, it could affect
negatively on how bitcoin transactions are processed that might prevent most market
participants from adopting cryptocurrency-based business models, delivering a
severe blow to legitimacy as a currency in the global market (Hossain et al., 2018;
Bhosale and Mavale, 2018).
(4) It is not possible to alter and update bitcoin, and all the users can oversee the records
of all the transactions of it.
(5) High load transaction rates can bring the network down at any time. Unfortunately,
virtual currency has severe limitations of central authority tracking, control and semi-
anonymity (Bakar and Rosbi, 2018).
(6) Finally, the current returns on the investment of digital currency is not secured, and it
cannot be traded like a conventional commodity.

3.6 Recent market synopsis of bitcoin

As stated before, bitcoin, the most widely used virtual currency and electronic cash, offers an
innovative money system without the involvement of a third party in the transaction process.
We find that in case of a conventional bank account process, we are only aware about the
bank account number and the relevant transaction record conducted via the respective bank
account number. However, there is a quite distinctive process in case of a bitcoin transaction
CFRI system. Interestingly, the user can check, verify and look over the business transaction record
11,4 of any bitcoin address though the blockchain technology (Jare~ no et al., 2020; Antonakakis
et al., 2019; Bouri et al., 2018; Feng et al., 2018). In summary, it can be a dreadful issue for those
who want appropriate anonymity with the bitcoin addresses, information and above all their
transactions history. The reason is that analyzing the blockchain, bitcoin address and cross-
referencing the data from the transactions history and other places, some user’s identity is
possible to detect by reviewing the blockchain, bitcoin address and above all cross-
562 referencing financial information from the prior record.
Based on the recent market synopsis of digital currency record, we notice that the price of
cryptocurrencies particularly the bitcoins have increased notably via the cycles of
appreciation and depreciation in line with several bubbles, oscillators and busts in the
global market. In this respect, according to the analysis of (https://beincrypto.com/bitstamp-
review/, accessed December 18, 2018), in the year of 2010, the market price of one unit of
bitcoin promptly increases from around US$0.31 to US$0.34 before returning to close to US$2.
In addition, the bitcoin market price starts to increase, reaching a high of US$266 on April 10,
2013, before crashing to just about US$50, which takes place in the year end of 2012. Further,
we find that per unit cost of bitcoin appreciates to a peak level of US$1,242 in 2013. Later on, in
2014, we analyze that the market price dropped dramatically around the globe. As a
consequence, as of April 2014, bitcoin market value remained low at little more than half 2013
price in the global market. As of August 2014, bitcoin market value was below US$600. The
assessment also records that as of September 30, 2017, bitcoin has notably higher short- and
long-term volatilities than that of different types of alternatives investments. In particular, it
has seven times higher volatility than gold, 18 times higher risk than US dollar and, above all,
eight times higher volatility than the S&P 500 in the global market.
In connection to the earlier discussion, we find that many contemporary economists
considered bitcoin as speculative bubble and has very weak fundamentals (Baur et al., 2018).
In particular, the high volatility of bitcoins is associated with speculative trading. We
understand that prior realized uncertainty or volatility forecasts its forward realized
volatility, and therefore, the transaction size improves volatility projections (Buriev et al.,
2018). This finding is supported by Jiang et al. (2018) who argued that bitcoin has a significant
signaling effect in the market. In this respect, Feng et al. (2018) find strong evidence of
informed trading in bitcoin in the global market. Nonetheless, the bitcoin market is becoming
gradually more popular and efficient, because we notice that bitcoins operating in around 38
countries is flourishing in today’s global digital market with a spectacular growth rate and
stability over the past several decades.
In concomitant to our research issue, the recent trend of global market trading of
cryptocurrency is presented by graphical presentation in Appendix. Having considered the
above discussion and the market synopsis presented in Appendix, we clearly estimate that
bitcoin is a high potential innovative investment asset and also a potential hedging
instrument having international portfolio diversification benefits. According to Neves (2020),
intense world economic crisis appears to have a strong impact on interest in the virtual
currency; therefore, during a worldwide crisis, bitcoin becomes an alternative investment,
increasing its price in international market. In this respect, several other researchers (Canh
et al., 2019; Lidstone and Schuessler, 2019; Griffin and Shams, 2019; Dyhrberg, 2016b) find
that the underlying hedging power of bitcoin is uncorrelated or weakly correlated with major
equities, oil prices and currencies. In particular, it is concluded that bitcoin is benevolent and
appropriate in minimizing both financial and investment risk and thereby best fitted for risk-
averse traders. This finding is documented based on the comparative study among bitcoin,
gold and dollar returns mostly by using GARCH and NARDL models (Makarov and Schoar,
2020; Aggarwal et al., 2020; Easley et al., 2019; Ardia et al., 2019; Dyhrberg, 2016a).
Furthermore, bitcoin can be classified in between gold and the US dollar on a measurement
scale from pure medium of exchange advantages to pure store of value advantages Cryptocurrency
(Ferdiansyah et al., 2019). The authors further argue that high-frequency trading of bitcoin
creates appropriate conditions for such hedging as part of digitalized financial system and a
new shift in the investment paradigm.
Based on the above discussions, we conclude that bitcoin has a clear place in the market
for portfolio analysis and risk management. In addition, as bitcoin is traded at high and
continuous frequencies in the global market, it has specific speed advantages and adds to the
already-rich list of investment hedging tools available to analysts and market practitioners. 563
Lately, Urquhart and Zhang (2019) find that bitcoin is a poor hedge, but quite appropriate for
productive diversification purposes only. Remarkably, they identified that bitcoin
successfully functions as strong safe haven against the weekly price momentum
particularly in Asian stock. However, they conclude that bitcoin hedging and safe haven
properties significantly vary between horizons. Further, Shahzad et al. (2019) investigate the
relationship between bitcoin and energy commodities and find that bitcoin is strong financial
hedge and a safe haven against oscillations and significant fluctuations in commodity
products in the global market.
In concomitant to our research issue, several research such as: Jare~ no et al. (2020),
Corbet et al. (2019), Bouoiyour and Selmi (2015) examine the nonlinear, irregular and
quantile consequences of total commodity price index and gold price in comparison to the
price bubbles of global bitcoin trading. Overall, they find that it is possible to predict
bitcoin price changes based on available price information from aggregate commodity
index and gold prices. It is also identified that the relationship between bitcoin and gold is
asymmetric, nonlinear and, above all, significantly quantile-dependent. However, they
conclude that the relationship between bitcoin and asset classes is quite complex and
inconclusive. In recent study, Caporale and Plastun (2019) find that bitcoin returns are
related fairly to financial assets, particularly commodities. Moreover, they find that bitcoin
has more volatility, asymmetric information and fluctuations than it conveys in the global
market. They conclude that a short position in the bitcoin market allows hedging the
investment risk for financial assets. Therefore, bitcoin has created a successful
decentralized digital cash system. Further, innovative functions like smart contract and
distributed databases are even before the bitcoins program; however, the bitcoin
blockchain program makes them much more effective and efficient. In fine, popularity
around bitcoin and blockchain has spurred any debate, and thereby after reviewing this
study, we consider that bitcoin is a revolutionary digital cash system in paradigm shift of
digital finance, indeed.

3.7 Cryptocurrency: a new investment regime

As stated earlier, cryptocurrency functions based on a blockchain system. When a user
conducts a transaction, it is immediately reviewed, verified, recorded and, finally, executed.
This particular procedure is termed “mining,” and the people who place an offer are called
“miners.” We discuss that bitcoin system is decentralized, flexible, transparent, fast and
offers low transaction fee. As the source code of bitcoin is open, coders have been encouraged
to come up with new currencies, which are referred to as alternative cryptocurrencies, or
altcoins [2]. In spite of several issues whether cryptocurrency can be addressed as a medium
of the financial system or not, millions of dollars are being traded in the meantime. By
conducting correlation and portfolio analysis, it is documented that the price of
cryptocurrency does not fluctuate in the same direction as the marketplace, indicating low
correlation of returns performance (Jare~ no et al., 2020; Corbet et al., 2019; Bhosale and Mavale,
2018). Moreover, they are given to investors as proof of future cash flow, payments or
potential future exchange, or the right to participate, vote and build blocks.
CFRI We find that an important element to consider when making an investment decision is
11,4 investor sentiment. In this respect, a theory conducted by Bouri et al. (2017) states that
market-wide sentiment should exert stronger impacts on stocks that are difficult to value and
hard to arbitrage. After doing sentiment analysis, the authors argue that cryptocurrency has
a good opportunity to provide investors with a feasible return. We analyze that
cryptocurrencies may have been in existence and stood for quite some time, but the
results are somewhat interesting and optimistic in the global market. In this respect, we find
564 that there are some issues like the complexity of technology, understanding the diversities of
investment decisions, security, maintaining the standard, governance of the decentralized
financial system and above all risk evolving it. We conclude that cryptocurrency has a good
potential as an innovative investment opportunity in the regime of digitalized financial
system, and therefore, cryptocurrency eventually provides important investment
implications for financial managers, investors, industry practitioners and policymakers,
among others.

3.8 Key findings

This meta-analysis on systematic review of cryptocurrency mainly analyzes the existing
literature on virtual currency till to the date and thereby identifies the unexplored research
issues on cryptocurrency and evaluates them in the context of international finance. We find
that cryptocurrency scholarly review is, prima facie, not as in-depth and developed as that of
the conventional currencies. In a nutshell, let us now summarize the findings of the meta-
analysis:
(1) As cryptocurrency is free from conventional carriage fee and intermediaries, it is
relatively fast, flexible and transparent.
(2) Investment sentiment shows that if invested cautiously, bitcoin can offer feasible
and stable profit than that of usual investments.
(3) The findings suggest that bitcoin can significantly promote as a hedge financial
instrument for the market traders and investors. Therefore, we conclude that
investment-holding period horizons could be a vital element for boosting portfolio
returns from bitcoin and the corresponding indices.
(4) Decentralization and anonymity are the two main characteristics of digital currency-
based transaction. In this respect, we analyze that blockchain solved the problem of
establishing and transferring digital property rights of a monetary unit without a
central authority.
(5) The inner value of bitcoin does not change based on different marketplace, and the
miners can participate while building a block and vote. In addition, the most critical
thing is receiving confirmation in the system of financial transaction.
(6) Bitcoin transaction requires three conditions: transaction capability, transaction
legitimacy and transaction consensus. The philosophy of cryptocurrency is to break
all borders and barriers, at least associated with finance and trade.
(7) The price of bitcoin might be volatile due to its volatile aggregate demand, because
the prices are based on demand and supply. We find that the issuance of bitcoin is
dependent on the investment of real resources, whereas fiat currencies are issued
according to the public’s demand and desires.
(8) Bitcoin might play the role of gold in the global market. In addition, bitcoin serves as
an infrastructure platform to a number of promising applications.
 (9) We criticize that tax evasion and money laundering are unethical tasks that can Cryptocurrency
happen easily through cryptocurrencies.
(10) With proper care, cryptocurrency is able to control the payment system and serve as
an innovative investment regime in the global market.

3.9 Recommendation and implication 565

This research has both theoretical and practical implications in real world, particularly in the
current digitalized financial system. The relevant recommendations and possible
implications of the study are summarized from various aspects:
(1) The investors and market practitioners must clearly understand the basics to invest
in cryptocurrency. In this respect, they need to conduct research and educate
themselves first and then invest the money. Hence, before investing in a project, it is
suggested to look at the project’s announcement and website clearly; search for
reviews of the coin via the internet; and finally, recheck market capitalization,
trading value, price history and total versus circulating supply of coins, among
others.
(2) There should be standardized laws and regulations in the area of cryptocurrencies
to keep the transaction legal. So, the area of cryptocurrencies should be covered by
particular rules so that the users believe that any transaction using cryptocurrencies
is legitimate and standardized around the globe.
(3) In general, coins with low market capitalization are more likely to grow. So, instead
of investing in low-priced coins, investors should buy coins with low market
capitalization.
(4) We recommend to diversify the portfolio and own a minimum of five
cryptocurrencies. Investors might notice that when a coin goes up, another goes
down. The coins are correlated, and if they both have a good future, then it is safer to
invest in both.
(5) Investors should understand tax implications. Many people think that they owe
taxes on profits only but in fact, taxes are implicated on every single trade. Hence,
investors should make decisions very carefully and not involve in overtrading
which increases their tax liabilities.
(6) We recommend that investors should not invest their life savings in cryptocurrency.
In fact, they should only put in what they are ready to lose and keep enough money
aside for regular spending. Hence, it is recommended to keep backup of holdings to
prevent the loss of coin balance.
(7) People should know about best security practices. While navigating the
cryptospace, it is suggested to avoid using public Wi-Fi, avoid using unsecured
software, confirm strong passwords and use the separate email address for
cryptocurrency investments.
(8) Cryptocurrency requires more advertisement, as most people do not know much
about virtual currency. In this respect, we suggest that authorities might make
cryptocurrencies ethical in the market to use them openly.
(9) The fingerprint system of bitcoin can be used to secure all kinds of electronic data
files. Authorities will have to create different groups to observe every step included
in the transfer system to make the whole system error-free.
CFRI (10) The high-security system should be provided to prevent undesired events that can
11,4 happen like hacking. Hence, effective steps should be taken to prevent transaction
fraud.
(11) The Islamic banking community can come up with their own virtual currency that
will combine the specification from both cryptocurrencies and fiat money.
(12) Predicting the future of digital payment is very difficult and uncertain. But, the share
566 of the electronic transaction will increase surely. The main reason is that the digital
payment is much easier than face-to-face payments. Therefore, it has become a must
that every individual is properly aware of cryptocurrency and its adverse side.
(13) Our findings have meaningful investment implications for the different
stakeholders of the capital market: fund managers, financial analysts,
institutional investors and policymakers, among others. Therefore, this study
sheds the new lights on new investment regime in the digitalized financial system of
current global market.
3.10 Research directions
This review study draws the existing scenario and landscape of cryptocurrency-related
research in versatile social science areas and scientific disciplines. In fact, academic research in
cryptocurrencies is being developed since around a decade ago; however, the overall findings
are inconclusive. For the demand of the time, we should deeply rethink about the academic
implications for blockchain technology and cryptocurrency in a broader aspect. They are
merely hinted at this study, but need to become the primary emphasis of further study with
empirical evidence and analysis. No prior study conducts a review analysis on
cryptocurrency; therefore, we attempt to recapitulate the versatile areas of cryptocurrency
that have been researched thoroughly. Nonetheless, future researches can carefully check out
a number of unsettled areas for further investigation, such as: the pricing model for
appropriate valuation, underlying investment potential, possible hedging properties, short-
and long-term volatility dynamics, arbitrage pricing, systematic risk factors, information
asymmetry, signaling effect, global market crisis effect and bubble-like nature in the paradigm
shift of global market. Although bitcoin is considered a speculative digital cryptocurrency
initially, gradually it is accepted as an asset class. Moreover, recent Shariah rulings by leading
Islamic scholars have motivated Islamic fund managers and portfolio managers to include
bitcoin in their portfolio. On this background, researchers should have taken a different
approach to fill up the current void in the existing literature on cryptocurrency.
In reality, the nascent prior studies of cryptocurrency do not guide us clearly about the
above research avenues because they are supposed to become matured in the digitalized
financial regime with the passage of time. However, understanding these interests is
fundamental and important to investors who want to diversify their portfolio and also to the
central authority of a country, which can establish alternatives to avoid having their
currencies depreciated against cryptocurrency in the digital market. So, by addressing a core
issue of corporate finance, this study sheds the light on identifying future research avenues
on this niche market. Therefore, intensive empirical investigations and state-of-the-art
research frontiers should be conducted on global context for the interest of financial
managers, investors, market practitioners, regulatory compliance professionals and
policymakers, among others.

4. Conclusion
Cryptocurrency is an innovative type of virtual currency (digital asset intended to function in
peer-to-peer transaction as a currency) that works for medium of exchange, and it confirms
the safe and secure financial transaction particularly having the idiosyncratic features of Cryptocurrency
blockchain technology. We analyze that it does not focus on the centralized digital currency
and central banking system because it follows the decentralized control mechanism.
However, the underlying gaps of regulations and legislations are considered as the key
concern in cryptocurrency systems. Though the cryptocurrencies have some weaknesses, it
seems to be a persistent paradigm shift in the digitalized financial system around the globe.
Based on the review analysis, we find that since the inauguration, cryptocurrency
outspreads faster in the global market, and currently, there are different forms of 567
cryptocurrencies emerging in digital currency market; for instance, Bitcoin, Litcoin,
Ethereum, Zcash, Ripple, Mintchip, Dash, Dogecoin, Monero, BitShares, MaidsafeCoin, Nxt
and Bytecoin, among others. Therefore, cryptocurrency market having more than 1,000
different types of virtual coins operating in around 38 countries is flourishing in today’s global
digital market with an impressive growth rate and stability over the last decade. Having the
importance of research issue on cryptocurrency considered, we reviewed the most recent and
relevant papers published in the leading business and finance journals of ISI WOS and Scopus
through bibliometric analysis particularly based on content analysis. In a nutshell, the findings
of the meta-analysis identify the relevant structured facts of the cryptocurrency market, such
as: distinctive features of blockchain technology, decentralized payment method, low-cost
facility, ensuring pseudo-anonymity, independence from central authority, double spending
attack protection, organic and instantaneous nature, among others.
Finally, we conclude that cryptocurrency offers an innovative model and revolutionary
digital cash system, which is becoming gradually more efficient and effective having a higher
market demand. In fact, it offers an alternative way of payment to circumvent the market
rules and barriers, and thereby make sure that users conduct financial activities such as
buying, selling, transferring and exchanging in a convenient way. Hence, the regime of
cryptocurrency provides a lot of investment opportunities in the global market. In this
respect, we believe that this review paper has a notable contribution to finance literature. We
claim that no prior study presents the meta-analysis yet on digital currency; hence, as the
initial attempt, the findings of the meta-analysis might be a breakthrough in detecting
the idiosyncratic properties, thematic areas and key research issues on virtual currency. So,
the findings of the analysis eventually offer a noble contribution in finance literature,
particularly because it has worthwhile implication to advance the frontiers of knowledge
beyond a merely review analysis. We summarize that the overview on the cryptocurrency
could: (1) provide some future research avenues on cryptocurrency and (2) contribute to the
field of corporate finance and enrich the ways of innovative investment regime. Finally, this
academic research piece substantially contributes to explore our understanding in corporate
finance, outlines the possible future research agenda and, eventually, provides important
investment implications for different stakeholders in the global market.
Notes
1. In this respect, the details are available at: https://www.cryptostache.com/2017/08/28/creator-
bitcoin-satoshi-nakamoto/
2. Some of the other widely used and popular cryptocurrencies are Ethereum, Litecoin, Monero,
BitShares, MaidsafeCoin, Nxt, Bytecoin, Dash, Dogecoin, etc. In particular, Ethereum Classic,
Factom, NEM, Ripple, Zcash are some of the altcoins that are used and becoming more popular at
present in the global market.

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 Appendix-1: Recent Trading Trend of Cryptocurrency Global Market ($, billion, yearly)
Bitcoin Trend ( MKT CAP. $219,784,982,595) Binance Coin Trend (MKT CAP. $4,168,912,340)
Price (USD) 1D 7D 1M 3M 1Y YTD Price (USD) 1D 7D 1M 3M 1Y YTD Appendix

30
12k
25
10k
20

8k 15

10
6k

5
4k Nov ‫י‬19 Jan ‫י‬20 Mar ‫י‬20 May ‫י‬20 Jul ‫י‬20 Sep ‫י‬20
Nov ‫י‬19 Jan ‫י‬20 Mar ‫י‬20 May ‫י‬20 Jul ‫י‬20 Sep ‫י‬20
Ethereum Trend (Mkt Cap. $41,444,729,591) LITCOIN Trend ( MKT CAP. $4,007,940,293)
Price (USD) 1D 7D 1M 3M 1Y YTD
80

70
400
60

300
50

200
40

100 30

20
0 Nov ‫י‬19 Jan ‫י‬20 Mar ‫י‬20 May ‫י‬20 Jul ‫י‬20 Sep ‫י‬20
Nov ‫י‬19 Jan ‫י‬20 Mar ‫י‬20 May ‫י‬20 Jul ‫י‬20 Sep ‫י‬20

Note(s): This table shows the graphical trading trend analysis of top four cryptocurrencies in the global market based on last one-year market
price between the period of Oct. 2019 to Oct. 2020. The top four cryptocurrencies are estimated based on the corresponding market capitalization.
The necessary data are available at: https://crypto.com/price/; or, https://coinmarketcap.com/currencies/bitcoin/#charts
571

Recent trading trend of

Cryptocurrency

cryptocurrency global
Table A1.

market (US$bn, yearly)

CFRI About the author
Dr Mohammed Sawkat Hossain is the Chairman of Finance and Banking Department, Jahangirnagar
11,4 University, Bangladesh. With an outstanding academic record, Dr. Hossain is now contributing to the
corporate finance literature by testing the grounded theories with global landscape. In particular, his
research interests include asset pricing, capital structure puzzle, fintech-finreg-regtech, valuation puzzle
of mergers and acquisitions (M&A), financial markets and other corporate finance issues. He has
published and conditionally accepted manuscripts in core finance journals: Emerging Market of Finance
572 and Trade, Emerging Markets Review, Journal of Economics and Business, International Journal of
Finance and Economics, Financial Analysts Journal, Academy of Accounting and Financial Studies,
Journal of Asset Management, International Review of Economics and Finance; IJBAAF, Australian
Economic Papers, Journal of the International Academy for Case Studies, International Journal of
Managerial Finance, among others. He is the editorial board member of The Jahangirnagar Journal of
Business Studies and Sri Lanka Journal of Marketing, among others. Mohammed Sawkat Hossain can be
contacted at: sawkatfnb@juniv.edu

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