Financial system

Capital asset pricing model

Transaction cost

Computer security

Cryptocurrency

Anonymity

Economics

Computer science

Asset (computer security)

Business

Trilemma

Financial asset

Alternative investment

Exchange rate

Monetary economics

Value (mathematics)

Financial economics

Finance

Machine learning

International Review of Financial Analysis

This paper provides a systematic review of the empirical literature based on the major topics that have been associated with the market for cryptocurrencies since their development as a financial asset in 2009. Despite astonishing price appreciation in recent years, cryptocurrencies have been subjected to accusations of pricing bubbles central to the trilemma that exists between regulatory oversight, the potential for illicit use through its anonymity within a young under-developed exchange system, and infrastructural breaches influenced by the growth of cybercriminality. Each influences the perception of the role of cryptocurrencies as a credible investment asset class and legitimate of value.

Cryptocurrencies as a financial asset: A systematic analysis