The implications of virtual money on travel and tourism

Viktor Manahov and Mingnan Li

Annals of Tourism Research, 2024, vol. 105, issue C

Abstract: We obtain daily data of Bitcoin, Ethereum, Travala token, Kemacoin and Guider to investigate the implications of history's most famous five heists on travel and tourism. We find a statistically significant spillover effect in the cryptocurrency and tourism token markets with a limited impact on travel and tourism companies' stock prices. We also find evidence of herding behaviour and observe that overall market quality deteriorated because of the heists. To deal with these negative implications, we propose implementing tools based on artificial intelligence algorithms, emphasising the two leading cryptocurrencies – Bitcoin and Ethereum. Tracking major crypto wallets and ‘whales’ can help regulators identify potential hacks and mitigate systemic risk caused by spillovers in cryptocurrency markets.

Keywords: Tourism industry; Cryptocurrencies; Blockchain; Empirical testing. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:anture:v:105:y:2024:i:c:s0160738323001597

DOI: 10.1016/j.annals.2023.103686

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