The drivers of Bitcoin trading volume in selected emerging countries

Taoufik Bouraoui (1)

1 ESC [Rennes] - ESC Rennes School of Business

While most of the debates about cryptocurrencies are centered on the global Bitcoin market, in thisarticle, we focus on local Bitcoin trading volume in 21 emerging countries. In particular, we attempt todetermine the drivers of Bitcoin trading volume in these countries over the period August 1st, 2015 – June2nd, 2018. Based on VECM and ARDL models, we find evidence of significant relationship between thelocal Bitcoin trading volume in each country and the associated banking system access, especially in theshort-run. Moreover, altcoins (Ethereum, Ripple) prices are shown to affect positively and significantlythe local Bitcoin trading volume for most countries in the long-run (VECM results) and the short-run (ARDL results).

Mots clés: Bitcoin; Cryptocurrencies; Banking system access; Altcoins; VECM; ARDL

Domaines: Sciences de l'Homme et Société; Economies et finances

Taoufik Bouraoui. The drivers of Bitcoin trading volume in selected emerging countries. Quarterly Review of Economics and Finance, 2020, 76, pp.218-229. ⟨10.1016/j.qref.2019.07.003⟩. ⟨hal-03004413⟩