Bitcoin as a financial asset: a survey

Daeyun Kang (), Doojin Ryu () and Robert I. Webb ()
Additional contact information
Daeyun Kang: Sungkyunkwan University
Doojin Ryu: Sungkyunkwan University
Robert I. Webb: University of Virginia

Financial Innovation, 2025, vol. 11, issue 1, 1-28

Abstract: Abstract Since its introduction as a decentralized digital currency for peer-to-peer transactions, Bitcoin’s role in financial markets has undergone significant evolution. We employ bibliometric analysis to explore research trends in Bitcoin, identifying two primary perspectives in the recent financial economic literature: Bitcoin as a speculative asset and as a safe-haven asset. The speculative nature of Bitcoin is evident through its high volatility and frequent price jumps, largely influenced by rapid shifts in investor sentiment and attention, which create both risks and opportunities for traders. Conversely, Bitcoin exhibits characteristics of a safe-haven asset due to its asymmetric tail dependence and negative correlation within certain asset classes.

Keywords: Bibliometrics; Bitcoin; Safe haven; Speculation; Survey (search for similar items in EconPapers)
JEL-codes: D84 G11 G15 (search for similar items in EconPapers)
Date: 2025
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1186/s40854-025-00773-0 Abstract (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:fininn:v:11:y:2025:i:1:d:10.1186_s40854-025-00773-0

Ordering information: This journal article can be ordered from
http://www.springer. ... nomics/journal/40589

DOI: 10.1186/s40854-025-00773-0

Access Statistics for this article

Financial Innovation is currently edited by J. Leon Zhao and Zongyi

More articles in Financial Innovation from Springer, Southwestern University of Finance and Economics
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().