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Discussion Paper Details

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Title: The Microeconomics of Cryptocurrencies

Author(s): Neil Gandal, Joshua Gans, Guillaume Haeringer and Hanna Halaburda

Publication Date: June 2020

Keyword(s): Cryptocurrencies Bitcoin Blockchain

Programme Area(s): Financial Economics and Industrial Organization

Abstract: 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 ndings so as to establish a base upon which future research can be conducted.

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Bibliographic Reference

Gandal, N, Gans, J, Haeringer, G and Halaburda, H. 2020. 'The Microeconomics of Cryptocurrencies'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=14972