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The Sustainability of Investing in Cryptocurrencies: A Bibliometric Analysis of Research Trends

Author

Listed:
  • Mohammad Alqudah

    (Accounting and Finance Department, Faculty of Economics and Business, University of Zaragoza, 50009 Zaragoza, Spain)

  • Luis Ferruz

    (Accounting and Finance Department, Faculty of Economics and Business, University of Zaragoza, 50009 Zaragoza, Spain)

  • Emilio Martín

    (Accounting and Finance Department, Faculty of Economics and Business, University of Zaragoza, 50009 Zaragoza, Spain)

  • Hanan Qudah

    (Department of Financial and Administrative Sciences, Ajloun University College, Al-Balqa Applied University, Ajloun 26166, Jordan)

  • Firas Hamdan

    (Accounting and Finance Department, Faculty of Economics, University of Valencia, 46010 Valencia, Spain)

Abstract

This paper explores the state of the art in the cryptocurrency literature, with a special emphasis on the links between financial dimensions and ESG features. The study uses bibliometric analysis to illustrate the history of cryptocurrency publication activity, focusing on the most popular subjects and research trends. Between 2014 and 2021, 1442 papers on cryptocurrencies were published in the Web of Science core collection, the most authoritative database, although only a tiny percentage evaluated ESG factors. One of the most common criticisms of cryptocurrencies is the pollution derived from energy consumption in their mining process and their use for illicit purposes due to the absence of effective regulation. The study allows us to suggest future research directions that may be beneficial in illustrating the environmental effect, studying financial behavior, identifying the long-term sustainability of cryptocurrencies, and evaluating their financial success. This study provides an in-depth examination of current research trends in the field of cryptocurrencies, identifying prospective future research directions.

Suggested Citation

  • Mohammad Alqudah & Luis Ferruz & Emilio Martín & Hanan Qudah & Firas Hamdan, 2023. "The Sustainability of Investing in Cryptocurrencies: A Bibliometric Analysis of Research Trends," IJFS, MDPI, vol. 11(3), pages 1-25, July.
    • Handle: RePEc:gam:jijfss:v:11:y:2023:i:3:p:93-:d:1202235
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    References listed on IDEAS

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    Citations

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    2. Waleed Kalf Al-Zoubi, 2024. "How Sustainable is Environmental Economics? A Review of Research Trends and Implications," International Journal of Energy Economics and Policy, Econjournals, vol. 14(2), pages 319-334, March.
    3. Hamza Alqudah & Mohammad Al-Qudah & Yazan Abu Huson & Abdalwali Lutfi & Mahmaod Alrawad & Mohammed Amin Almaiah, 2024. "A Decade of Green Economic Literature: An Analysis-Based Bibliometric," International Journal of Energy Economics and Policy, Econjournals, vol. 14(3), pages 497-511, May.
    4. Saeedi, Ali & Al-Fattal, Anas, 2025. "Examining trust in cryptocurrency investment: Insights from the structural equation modeling," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    5. Drăgan, George Bogdan & Ben Arfi, Wissal & Tiberius, Victor & Ammari, Aymen & Khvatova, Tatiana, 2025. "Navigating the green wave: Understanding behavioral antecedents of sustainable cryptocurrency investment," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    6. Ahmed Razman Latiff & Mohammad Zakaria Alqudah & Husni Samara & Naji Alslaibi, 2025. "Empowering the financial sector: the role of fintech research development trends," Future Business Journal, Springer, vol. 11(1), pages 1-22, December.
    7. Shatha Mustafa Abdallah Al Qudah & José Luis Fuentes Bargues & Pablo Ferrer Gisbert, 2024. "The Effect of COVID-19 on the Research Trends on Project Risk Management and Achievement of Sustainable Development Goals," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 14578-14596, September.

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