The Microeconomics of Cryptocurrencies

Hanna Halaburda, Guillaume Haeringer, Joshua Gans, Neil Gandal*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

31 Scopus citations


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.

Original languageEnglish
Pages (from-to)971-1013
Number of pages43
JournalJournal of Economic Literature
Issue number3
StatePublished - Sep 2022


FundersFunder number
Foerder Institute for Economic Research
Sapir Center for Development


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