The Microeconomics of Cryptocurrencies
Journal of Economic Literature
no. 3, September 2022
Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies, and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are
witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature of the phenomenon analyzed, this research spans many academic disciplines including
macroeconomics, law and economics, and computer science. This survey focuses on the microeconomics of cryptocurrencies themselves. What drives their supply, demand, trading price, and
competition amongst them? This literature has been emerging over the past decade and the purpose of this paper is to summarize its main findings so as to establish a base upon which future
research can be conducted.
Halaburda, Hanna, Guillaume Haeringer, Joshua Gans, and Neil Gandal.
"The Microeconomics of Cryptocurrencies."
Journal of Economic Literature,
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Asymmetric and Private Information; Mechanism Design
Asset Pricing; Trading Volume; Bond Interest Rates