 Bitcoin trade volume in decentralized markets: International evidenceGabriel Giménez Roche, Antoine Noël and Loïc Sauce Technological Forecasting and Social Change, 2025, vol. 214, issue C Abstract: We analyze the determinants of Bitcoin (BTC) trade volume in decentralized exchanges (DEXs) and test the claim that BTC trades on these platforms are censorship-resistant. The study finds that overall economic freedom, particularly monetary freedom, correlates indirectly with BTC trade volumes, while capital restrictions on residents' transactions abroad correlate in two different directions. Purchase transactions inversely correlate with BTC volume in DEXs, while sales transactions correlate directly. These results suggest that BTC can be used to hedge against poor institutional frameworks, particularly against poor monetary governance, and as a vehicle for institutional hedging against repressive capital controls and institutional failures. The study's originality lies in its use of on-chain panel data on the volume of BTC transactions, which are country-specific and allow for comparing the impact of country-specific socio-institutional variables on BTC volumes. Keywords: Bitcoin; Crypto-assets; Decentralized markets; Institutions; Trade volume (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:214:y:2025:i:c:s004016252500085x DOI: 10.1016/j.techfore.2025.124054 Access Statistics for this article Technological Forecasting and Social Change is currently edited by Fred Phillips More articles in Technological Forecasting and Social Change from Elsevier |
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