A BIBLIOMETRIC ANALYSIS OF EMPIRICAL STUDIES ON CRYPTOCURRENCIES IN THE TIME OF COVID-19

Yıl 2022, Sayı: 31, 241 - 261, 26.10.2022

Kaan Yiğenoğlu , Ayhan Cesur , Zübeyir Çelik , İbrahim Aydın

Öz

During the COVID-19 pandemic, the uncertainty in the markets was also reflected in the demand for cryptocurrencies. This study aims to visually present the bibliometric analyzes of empirical studies on cryptocurrencies during the COVID-19 pandemic period (between 2020-2022). For this purpose, VOSviewer software was used to perform a bibliometric analysis of 30 selected studies. According to the results obtained, it is seen that the selected studies are mostly scanned in the SCOPUS and SSCI indexes of the journals published. Most studies were conducted in Malaysia, followed by Pakistan and Spain. 7 studies were conducted in Malaysia and 3 studies each in Pakistan and Spain. In the studies, it was seen that the technology acceptance model, planned behavior theory, and unified theory of acceptance and use of technology were used the most, respectively. Structural equation modeling was used in 23 studies. When the variables used were examined, it was understood that the most used variables were the intention, risk, trust, and attitude. Considering the uncertainties in the pandemic period and the characteristics of cryptocurrencies, it is thought that the variables used to make significant contributions to the literature and relevant persons.

Anahtar Kelimeler

Time of COVID-19, Cryptocurrencies, Empirical Studies, Bibliometric Analysis

Kaynakça

• Abbasi, G. A., Tiew, L. Y., Tang, J., Goh, Y. N., & Thurasamy, R. (2021). The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modelling and artificial neural network analysis. Plos one, 16(3), e0247582, 1-26. https://doi.org/10.1371/journal.pone.0247582
• Albayati, H., Kim, S. K., & Rho, J. J. (2020). Accepting financial transactions using blockchain technology and cryptocurrency: A customer perspective approach. Technology in Society, 62, 101320. https://doi.org/10.1016/j.techsoc.2020.101320
• Alsmadi, A.A., Alrawashdeh, N., Al-Dweik, A.F., & Al-Assaf, M.I. (2022). Cryptocurrencies: A bibliometric analysis. International Journal of Data and Network Science, 6(3), 619-628. http://dx.doi.org/10.5267/j.ijdns.2022.4.011
• Anser, M. K., Zaigham, G. H. K., Imran Rasheed, M., Pitafi, A. H., Iqbal, J., & Luqman, A. (2020). Social media usage and individuals' intentions toward adopting Bitcoin: The role of the theory of planned behavior and perceived risk. International Journal of Communication Systems, 33(17), e4590, 1-16. https://doi.org/10.1002/dac.4590
• Arias-Oliva, M., de Andrés-Sánchez, J., & Pelegrín-Borondo, J. (2021). Fuzzy set qualitative comparative analysis of factors influencing the use of cryptocurrencies in Spanish households. Mathematics, 9(4), 324, 1-19. https://doi.org/10.3390/MATH9040324
• Arli, D., van Esch, P., Bakpayev, M., & Laurence, A. (2020). Do consumers really trust cryptocurrencies?. Marketing Intelligence & Planning, 39(1), 74-90. https://doi.org/10.1108/mip-01-2020-0036
• Arouxet, M. B., Bariviera, A. F., Pastor, V. E., & Vampa, V. (2022). Covid-19 impact on cryptocurrencies: evidence from a wavelet-based Hurst exponent. Physica A: Statistical Mechanics and its Applications, 596, 1-12. https://doi.org/10.1016/j.physa.2022.127170
• Aslanidis, N., Bariviera, A.F., & Lopez, O.G. (2022). The link between cryptocurrencies and Google Trends attention. Finance Research Letters. http://dx.doi.org/10.1016/j.frl.2021.102654
• Assaf, A., Bhandari, A., Charif, H., & Demir, E. (2022). Multivariate long memory structure in the cryptocurrency markets: The impact of COVID-19. International Review of Financial Analysis, 82, 102132. https://doi.org/10.1016/j.irfa.2022.102132
• Ayedh, A., Echchabi, A., Battour, M., & Omar, M. (2020). Malaysian Muslim investors’ behaviour towards the blockchain-based Bitcoin cryptocurrency market. Journal of Islamic Marketing, 12(4), 690-704. https://doi.org/10.1108/jima-04-2019-0081
• Aysan, A. F., Demirtaş, H. B., & Saraç, M. (2021). The ascent of Bitcoin: Bibliometric analysis of bitcoin research. Journal of Risk and Financial Management, 14(9), 427. https://doi.org/10.3390/jrfm14090427
• Bariviera, A. F., & Merediz‐Solà, I. (2021). Where do we stand in cryptocurrencies economic research? A survey based on hybrid analysis. Journal of Economic Surveys, 35(2), 377-407. https://doi.org/10.1111/JOES.12412
• Conlon, T., Corbet, S., & McGee, R. J. (2020). Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 pandemic. Research in International Business and Finance, 54, 101248. https://doi.org/10.1016/j.ribaf.2020.101248
• Corbet, S., & Lucey, B. (2020). An analysis of the development of cryptocurrency research. Cryptocurrency and Blockchain Technology, 1, 23. https://doi.org/10.1515/9783110660807-003
• Corbet, S., Hou, Y. G., Hu, Y., Larkin, C., & Oxley, L. (2020). Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic. Economics Letters, 194, 109377. https://doi.org/10.1016/j.econlet.2020.109377
• Corbet, S., Hou, Y. G., Hu, Y., Oxley, L., & Xu, D. (2021). Pandemic-related financial market volatility spillovers: Evidence from the Chinese COVID-19 epicentre. International Review of Economics & Finance, 71, 55-81. https://doi.org/10.1016/j.iref.2020.06.022
• Cristofaro, M., Giardino, P.L., Misra, S., Pham, Q., & Hiep Phan, H. (2022). Behavior or culture? Investigating the use of cryptocurrencies for electronic commerce across the USA and China. Management Research Review, 2040-8269. https://doi.org/10.1108/mrr-06-2021-0493
• Cruz-Cárdenas, J., Zabelina, E., Guadalupe-Lanas, J., Palacio-Fierro, A., & Ramos-Galarza, C. (2021). COVID-19, consumer behavior, technology, and society: A literature review and bibliometric analysis. Technological Forecasting and Social Change, 173, 121179. https://doi.org/10.1016/j.techfore.2021.121179
• Gafar, A., Abenoh, N.B., & Ahmed, E.M. (2021). Generations Y and X Perception Towards Bitcoin in Malaysia. Journal of Information & Knowledge Management, 20(01), 2150007. https://doi.org/10.1142/S0219649221500076
• García-Corral, F. J., Cordero-García, J. A., de Pablo-Valenciano, J., & Uribe-Toril, J. (2022). A bibliometric review of cryptocurrencies: how have they grown?. Financial Innovation, 8(1), 1-31. https://doi.org/10.1186/s40854-021-00306-5
• Gil-Cordero, E., Cabrera-Sánchez, J. P., & Arrás-Cortés, M. J. (2020). Cryptocurrencies as a financial tool: Acceptance factors. Mathematics, 8(11), 1974. https://doi.org/10.3390/math8111974
• Goodell, J.W. (2020). COVID-19 and finance: Agendas for future research. Finance Research Letters, (35), 101512. https://doi.org/10.1016/j.frl.2020.101512
• Guo, Y., Huang, Z., Guo, J., Guo, X., Li, H., Liu, M., Ezzeddine, S., & Nkeli, M.J. (2021). A bibliometric analysis and visualization of blockchain. Future Generation Computer Systems, 116, 316-332. https://doi.org/10.1016/j.future.2020.10.023
• Hasan, S. Z., Ayub, H., Ellahi, A., & Saleem, M. (2022). A Moderated mediation model of factors influencing intention to adopt cryptocurrency among university Students. Human Behavior and Emerging Technologies, 2022, 9718920. https://doi.org/10.1155/2022%2F9718920
• Hossain, M. S. (2021). What do we know about cryptocurrency? Past, present, future. China Finance Review International 11(4), 552-572. https://doi.org/10.1108/CFRI-03-2020-0026
• Jalal, R. N. U. D., Alon, I., & Paltrinieri, A. (2021). A bibliometric review of cryptocurrencies as a financial asset. Technology Analysis & Strategic Management, 1-16. https://doi.org/10.1080/09537325.2021.1939001
• Jariyapan, P., Mattayaphutron, S., Gillani, S. N., & Shafique, O. (2021). Factors influencing the behavioural intention to use cryptocurrency in emerging economies during the COVID-19 pandemic: Based on technology acceptance model 3, perceived risk, and financial literacy. Frontiers in Psychology, 12, 814087-814087. https://doi.org/10.3389/fpsyg.2021.814087
• Jiang, S., Li, X., & Wang, S. (2021). Exploring evolution trends in cryptocurrency study: From underlying technology to economic applications. Finance Research Letters, 38, 101532. https://doi.org/10.1016/j.frl.2020.101532
• Kamran, M., Khan, H. U., Nisar, W., Farooq, M., & Rehman, S. U. (2020). Blockchain and Internet of Things: A bibliometric study. Computers & Electrical Engineering, 81, 106525. https://doi.org/10.1016/j.compeleceng.2019.106525
• Kim, M. (2021). A psychological approach to Bitcoin usage behavior in the era of COVID-19: Focusing on the role of attitudes toward money. Journal of Retailing and Consumer Services, (62), 102606. https://doi.org/10.1016/j.jretconser.2021.102606
• Koroma, J., Rongting, Z., Muhideen, S., Akintunde, T. Y., Amosun, T. S., Dauda, S. J., & Sawaneh, I. A. (2022). Assessing citizens' behavior towards blockchain cryptocurrency adoption in the Mano River Union States: Mediation, moderation role of trust and ethical issues. Technology in Society, 101885. https://doi.org/10.1016/j.techsoc.2022.101885
• Lahmiri, S., & Bekiros, S. (2020). The impact of COVID-19 pandemic upon stability and sequential irregularity of equity and cryptocurrency markets. Chaos, Solitons, and Fractals, (138), 109936. https://doi.org/10.1016/j.chaos.2020.109936
• Littell, J. H., Corcoran, J., & Pillai, V. (2008). Systematic reviews and meta-analysis. Oxford University Press.
• Madavaram, R. (2022). Malaysia's crypto scene is booming. What are the risks?. Retrieved From: https://www.nst.com.my/business/2022/05/796525/malaysias-crypto-scene-booming-what-are-risks (12.06.2022).
• Martin, B. A., Chrysochou, P., & Strong, C. (2022a). Crypto freedom! Effects of trait reactance and regulation content on intention to buy cryptocurrency. Personality and Individual Differences, 194, 111659. https://doi.org/10.1016/j.paid.2022.111659
• Martin, B. A., Chrysochou, P., Strong, C., Wang, D., & Yao, J. (2022b). Dark personalities and Bitcoin®: The influence of the Dark Tetrad on cryptocurrency attitude and buying intention. Personality and Individual Differences, 188, 111453. https://doi.org/10.1016/j.paid.2021.111453
• Miau, S., & Yang, J. M. (2018). Bibliometrics-based evaluation of the Blockchain research trend: 2008–March 2017. Technology Analysis & Strategic Management, 30(9), 1029-1045. https://doi.org/10.1080/09537325.2018.1434138
• Miraz, M. H., Hasan, M. T., Rekabder, M. S., & Akhter, R. (2022). Trust, transaction transparency, volatility, facilitating condition, performance expectancy towards cryptocurrency adoption through intention to use. Journal of Management Information and Decision Sciences, 25(1), 1-20.
• Mnif, E., Jarboui, A., & Mouakhar, K. (2020). How the cryptocurrency market has performed during COVID 19? A multifractal analysis. Finance Research Letters, (36), 101647. https://doi.org/10.1016/j.frl.2020.101647
• Mnif, E., Lacombe, I., & Jarboui, A. (2021). Users’ perception toward Bitcoin Green with big data analytics. Society and Business Review, 16(4), 592-615. https://doi.org/10.1108/SBR-02-2021-0016
• Nadeem, M. A., Bouri, E., Peng, Z., Shahzad, S. J., & Vo, X. V. (2021a). Asymmetric efficiency of cryptocurrencies during COVID19. Physica A-statistical Mechanics and Its Applications, (565), 125562. https://doi.org/10.1016/j.physa.2020.125562
• Nadeem, M. A., Liu, Z., Pitafi, A. H., Younis, A., & Xu, Y. (2021b). Investigating the adoption factors of cryptocurrencies—a case of bitcoin: empirical evidence from China. SAGE Open, 11(1), 2158244021998704. https://doi.org/10.1177/2158244021998704
• Nasir, A., Shaukat, K., Khan, K. I., Hameed, I. A., Alam, T. M., & Luo, S. (2020). What is core and what future holds for blockchain technologies and cryptocurrencies: A bibliometric analysis. IEEE Access, 9, 989-1004. https://doi.org/10.1109/ACCESS.2020.3046931
• Nasution, A. A., & Aswad, M. (2021). Bibliometric Analysis on Cryptocurrency: Mapping from 873 Publications. Journal of Islamic Economic Literatures| http://journals. smartinsight. id/index. php/JIEL/index June, 2(1).
• Ooi, S. K., Ooi, C. A., Yeap, J. A., & Goh, T. H. (2021). Embracing Bitcoin: users’ perceived security and trust. Quality & Quantity, 55(4), 1219-1237. https://doi.org/10.1007/s11135-020-01055-w
• Palos-Sanchez, P., Saura, J. R., & Ayestaran, R. (2021). An exploratory approach to the adoption process of bitcoin by business executives. Mathematics, 9(4), 355. https://doi.org/10.3390/math9040355
• Saiedi, E., Broström, A., & Ruiz, F. (2021). Global drivers of cryptocurrency infrastructure adoption. Small Business Economics, 57(1), 353-406. https://doi.org/10.1007/s11187-019-00309-8
• Salcedo, E., & Gupta, M. (2021). The effects of individual-level espoused national cultural values on the willingness to use Bitcoin-like blockchain currencies. International Journal of Information Management, 60, 102388. https://doi.org/10.1016/j.ijinfomgt.2021.102388
• Schaupp, L. C., Festa, M., Knotts, K. G., & Vitullo, E. A. (2022). Regulation as a pathway to individual adoption of cryptocurrency. Digital Policy, Regulation and Governance, 24(2), 199-219. https://doi.org/10.1108/DPRG-08-2021-0101
• Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333-339. https://doi.org/10.1016/j.jbusres.2019.07.039
• Sooi, C. C. (2022). Malaysia ranks 7th in cryptocurrency ownership out of 27 countries. Retrieved From: https://focusmalaysia.my/malaysia-ranks-7th-in-cryptocurrency-ownership-out-of-27-countries/#:~:text=At%20the%20other%20end%20of,Ethereum (12.06.2022).
• Soomro, B. A., Shah, N., & Abdelwahed, N. A. A. (2022). Intention to adopt cryptocurrency: a robust contribution of trust and the theory of planned behavior. Journal of Economic and Administrative Sciences, https://doi.org/10.1108/JEAS-10-2021-0204
• Sun, W., Dedahanov, A. T., Shin, H. Y., & Kim, K. S. (2020). Switching intention to crypto-currency market: Factors predisposing some individuals to risky investment. PloS one, 15(6), e0234155. https://doi.org/10.1371/journal.pone.0234155
• Ter Ji-Xi, J., Salamzadeh, Y., & Teoh, A. P. (2021). Behavioral intention to use cryptocurrency in Malaysia: an empirical study. The Bottom Line, 34(2), 170-197. https://doi.org/10.1108/BL-08-2020-0053
• Wu, R., Ishfaq, K., Hussain, S., Asmi, F., Siddiquei, A.N., & Anwar, M.A. (2022). Investigating e-retailers’ intentions to adopt cryptocurrency considering the mediation of technostress and technology involvement. Sustainability. 14, 641, 1-21. https://doi.org/10.3390/su14020641
• Van Eck, N., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523-538. https://doi.org/10.1007/s11192-009-0146-3
• Vidal-Tomás, D. (2021). Transitions in the cryptocurrency market during the COVID-19 pandemic: A network analysis. Finance Research Letters, (43), 101981. https://doi.org/10.1016/j.frl.2021.101981
• Yarovaya, L., Brzeszczynski, J., Goodell, J. W., Lucey, B. M., & Lau, C. K., (2020a). Rethinking financial contagion: information transmission mechanism during the COVID-19 pandemic. https://dx.doi.org/10.2139/ssrn.3602973
• Yarovaya, L., Matkovskyy, R., & Jalan, A., (2020b). The effects of a ‘black swan’ event (COVID-19) on herding behavior in cryptocurrency markets: evidence from cryptocurrency USD, EUR, JPY and KRW markets. https://doi.org/10.2139/ssrn.3586511
• Yeong, Y. C., Kalid, K. S., Savita, K. S., Ahmad, M. N., & Zaffar, M. (2022). Sustainable cryptocurrency adoption assessment among IT enthusiasts and cryptocurrency social communities. Sustainable Energy Technologies and Assessments, 52, 102085. https://doi.org/10.1016/j.seta.2022.102085
• Yoo, K., Bae, K., Park, E., & Yang, T. (2020). Understanding the diffusion and adoption of Bitcoin transaction services: The integrated approach. Telematics and Informatics, 53, 101302. https://doi.org/10.1016/j.tele.2019.101302
• Yue, Y., Li, X., Zhang, D., & Wang, S. (2021). How cryptocurrency affects economy? A network analysis using bibliometric methods. International Review of Financial Analysis, 77, 101869. https://doi.org/10.1016/J.IRFA.2021.101869
• Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment?. International Journal of Bank Marketing, 39(7), 1208-1226. https://doi.org/10.1108/IJBM-11-2020-0552