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The drivers of Bitcoin trading volume in selected emerging countries

Taoufik Bouraoui

The Quarterly Review of Economics and Finance, 2020, vol. 76, issue C, 218-229

Abstract: While most of the debates about cryptocurrencies are centered on the global Bitcoin market, in this article, we focus on local Bitcoin trading volume in 21 emerging countries. In particular, we attempt to determine the drivers of Bitcoin trading volume in these countries over the period August 1st, 2015 – June 2nd, 2018. Based on VECM and ARDL models, we find evidence of significant relationship between the local Bitcoin trading volume in each country and the associated banking system access, especially in the short-run. Moreover, altcoins (Ethereum, Ripple) prices are shown to affect positively and significantly the local Bitcoin trading volume for most countries in the long-run (VECM results) and the short-run (ARDL results).

Keywords: Bitcoin; Cryptocurrencies; Banking system access; Altcoins; VECM; ARDL (search for similar items in EconPapers)
JEL-codes: C22 C58 G12 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:quaeco:v:76:y:2020:i:c:p:218-229

DOI: 10.1016/j.qref.2019.07.003

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