Cryptocurrency as an Investable Asset Class: Coming of Age

Nicola Borri, Yukun Liu, Aleh Tsyvinski and Xi Wu

Papers from arXiv.org

Abstract: Cryptocurrencies are coming of age. We organize empirical regularities into ten stylized facts and analyze cryptocurrency through the lens of empirical asset pricing. We find important similarities with traditional markets -- risk-adjusted performance is broadly comparable, and the cross-section of returns can be summarized by a small set of factors. However, cryptocurrency also has its own distinct character: jumps are frequent and large, and blockchain information helps drive prices. This common set of facts provides evidence that cryptocurrency is emerging as an investable asset class.

Date: 2025-10, Revised 2025-10
New Economics Papers: this item is included in nep-fdg, nep-mac and nep-pay
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