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Bitcoin as a financial asset: a survey

Author

Listed:
  • Daeyun Kang

    (Sungkyunkwan University)

  • Doojin Ryu

    (Sungkyunkwan University)

  • Robert I. Webb

    (University of Virginia)

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.

Suggested Citation

  • Daeyun Kang & Doojin Ryu & Robert I. Webb, 2025. "Bitcoin as a financial asset: a survey," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-28, December.
    • Handle: RePEc:spr:fininn:v:11:y:2025:i:1:d:10.1186_s40854-025-00773-0
    DOI: 10.1186/s40854-025-00773-0
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    More about this item

    Keywords

    Bibliometrics; Bitcoin; Safe haven; Speculation; Survey;
    All these keywords.

    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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