Demographic-governance factors shaping cryptocurrency holding behavior
Dang T.H.N. Balli F. Balli H.O. Kilic I.
November 2025Elsevier Ltd
Finance Research Letters
2025#85
Employing cross-sectional data of 142 countries worldwide, this paper examines the macroeconomic factors in shaping cryptocurrency adoption. We find that the aggregate impact of inflation volatility on crypto adoption is dependent on the level of corruption control in higher-income countries. The control of corruption appears to discourage cryptocurrency adoption, emphasizing the role of institutional trust in financial choices. We also find that higher emigrant ratios in non-high-income and lower-income countries are associated with increased cryptocurrency usage, which suggests that migrants tend to use cryptocurrencies for faster, cheaper remittances compared to traditional services. Last, we find that internet penetration plays a key role in crypto adoption, particularly in higher-income countries with advanced digital infrastructure.
Control of corruption , Crypto ownership , Cryptocurrency adoption , Digital finance , Emigrants , Inflation volatility , Institutional trust , internet penetration
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School of Accountancy, Economics and Finance, Massey University, East Precinct, Albany Expressway, Auckland, Albany, 0632, New Zealand
Higher School of Economics and Business, Al-Farabi Kazakh National University, Kazakhstan
Faculty of Business and International Relations, , Vistula University, Warsaw, Poland
School of Accountancy
Higher School of Economics and Business
Faculty of Business and International Relations
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