The Microeconomics of Cryptocurrencies

69 Pages Posted: 27 Jul 2020 Last revised: 16 Aug 2020

See all articles by Hanna Halaburda

Hanna Halaburda

New York University (NYU) - Leonard N. Stern School of Business

Guillaume Haeringer

City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance

Joshua S. Gans

University of Toronto - Rotman School of Management; NBER

Neil Gandal

Berglas School of Economics, Tel Aviv University; Centre for Economic Policy Research (CEPR)

Multiple version iconThere are 4 versions of this paper

Date Written: June 2020

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.

Keywords: Cryptocurrencies Bitcoin Blockchain

Suggested Citation

Halaburda, Hanna and Haeringer, Guillaume and Gans, Joshua S. and Gandal, Neil, The Microeconomics of Cryptocurrencies (June 2020). CEPR Discussion Paper No. DP14972, Available at SSRN: https://ssrn.com/abstract=3650085

Hanna Halaburda (Contact Author)

New York University (NYU) - Leonard N. Stern School of Business ( email )

44 West 4th Street
New York, NY NY 10012
United States

Guillaume Haeringer

City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance ( email )

17 Lexington Avenue
New York, NY 10010
United States

Joshua S. Gans

University of Toronto - Rotman School of Management ( email )

Canada

HOME PAGE: http://www.joshuagans.com

NBER ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Neil Gandal

Berglas School of Economics, Tel Aviv University ( email )

Tel Aviv University
Tel Aviv 69978
Israel
+972 3 640 9907 (Phone)
+972 3 640 9908 (Fax)

HOME PAGE: http://www.neilgandal.com/

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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