We survey extant literature on the economics of blockchain fundamentals, with particular
focus on Bitcoin, proof-of-work, and proof-of-stake. We formally clarify Bitcoin's economic …

A currency's essential feature is to be a medium of exchange. This study explores the
potential of cryptocurrencies to be used in daily transactions in El Salvador, the first country …

We establish that cryptocurrency returns are driven and can be predicted by factors that are
specific to cryptocurrency markets. Cryptocurrency returns are exposed to cryptocurrency …

We find that three factors—cryptocurrency market, size, and momentum—capture the cross‐
sectional expected cryptocurrency returns. We consider a comprehensive list of price‐and …

We construct a comprehensive dataset on a near universe of non-fungible token (NFT)
transactions, create indices for the NFT market and its components, and analyze their …

The optimal design of a central bank digital currency (CBDC) is analyzed in an environment
where agents sort into cash, CBDC, and bank deposits according to their preferences over …

We develop a dynamic asset pricing model of cryptocurrencies/tokens that allow users to
conduct peer-to-peer transactions on digital platforms. The equilibrium price of tokens is …

We analyze the predictability of the bitcoin market across prediction horizons ranging from 1
to 60 min. In doing so, we test various machine learning models and find that, while all …

We model cryptocurrencies as utility tokens used by a decentralized digital platform to
facilitate transactions between users of certain goods or services. The network effect …

This study analyzes the dynamics between bitcoin trading, price activities, and economic
surprise shocks from a broad and novel perspective on a national level. We start by …