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Explaining Variations in Cryptocurrency Ownership: A Cross-country Study

Author

Listed:
  • Sang Lee
  • Gavin Labasse
  • Lara Gardner
  • Jamie Vicknair

Abstract

This study investigates how cryptocurrency ownership varies across countries using a set of variables that reflect a country's overall economic circumstances and long-term outlook. Despite the nascent stage of the cryptocurrency market and the concomitant deficiency of the data on cryptocurrency, a multiple linear regression is fitted as an incipient step towards more advanced future studies. Our empirical findings show that cryptocurrency ownership is more likely to grow in a country with (1) a high human capital stock such as citizens' health and education and (2) a rich endowment of legal property rights. It was also inferred from the regression results that cryptocurrency could be an effective hedge against inflation to some extent.

Suggested Citation

  • Sang Lee & Gavin Labasse & Lara Gardner & Jamie Vicknair, 2023. "Explaining Variations in Cryptocurrency Ownership: A Cross-country Study," Business and Economic Research, Macrothink Institute, vol. 13(2), pages 29-39, December.
    • Handle: RePEc:mth:ber888:v:13:y:2023:i:2:p:29-39
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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