Cryptocurrencies in a Changing Financial Landscape: A Systematic Review

Jheng Siang-Li (), Conda Alexandra (), Pele Daniel Traian () and Härdle Wolfgang Karl ()
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Jheng Siang-Li: Marie Skłodowska-Curie Actions (MSCA) Digital Finance, Bucharest University of Economic Studies, Romania
Conda Alexandra: Bucharest University of Economic Studies, Romania
Pele Daniel Traian: Bucharest University of Economic Studies, Bucharest, Romania, Institute for Economic Forecasting, Romanian Academy, Bucharest, Romania
Härdle Wolfgang Karl: Humboldt-Universität zu Berlin, Berlin, Germany, Singapore Management University, Singapore, Charles University Prague, Praha 2, Czech Republic, National Yang Ming Chiao Tung University, Taiwan, Yushan Fellow, Taiwan, A.C.I. - Asian Competitiveness Institute, National University of Singapore, Singapore, IDA Institute Digital Assets, Bucharest University of Economic Studies, Romania

Proceedings of the International Conference on Business Excellence, 2025, vol. 19, issue 1, 514-528

Abstract: 2024 marks a significant milestone in integrating digital finance into the global financial landscape. The U.S. Securities and Exchange Commission’s approval of Bitcoin and Ethereum ETFs signaled wider mainstream adoption. Shortly thereafter, Donald Trump’s return to the presidency drove Bitcoin prices beyond $100,000. In light of these developments, we observe the rapid changes in cryptocurrency market prices, trends, and regulatory policies, which drive us to conduct a comprehensive review of cryptocurrencies asset’s literature and examine its robustness. Our study covers several themes: how cryptocurrencies fit into broader asset allocation strategies, techniques to create crypto-based indexes, current debates over speculative bubbles, and the evolution of valuation models to highlight the dual aspects of market opportunities and risks. Throughout our review, we compare previous studies with the latest data, seeking to determine which arguments continue to hold up and which require adjustment. Although digital assets have experienced multiple crashes, they often rebound more strongly than expected, making them a topic of intense debate among academics, regulators, and investors. We aim to assemble an organized summary of research findings, providing a comprehensive framework that unites historical evolution with recent shifts and future perspectives.

Keywords: Cryptocurrencies; Asset Allocation; Speculative Bubbles; Valuation Models; Index Construction; Digital Finance; Systematic Review (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:19:y:2025:i:1:p:514-528:n:1005

DOI: 10.2478/picbe-2025-0042

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