We examine the implications of arbitrage in a market with many assets. The absence of arbitrage opportunities implies …

-to-peer Bitcoin market, which enables trade in the currencies of more than 135 countries. We develop an algorithm that allows, with … Bitcoin is used to make payment in fiat currency. Roughly 20 percent of these represent international capital flight …

In this paper, we provide detailed analyses of the Bitcoin network and its main participants. We build a novel database … using a large number of public and proprietary sources to link Bitcoin addresses to real entities and develop an extensive … of analysis of the Bitcoin eco-system. First, we analyze the transaction volume and network structure of the main …

forms of money: virtual (crypto) currencies like bitcoin; stable coins like libra/diem; and central bank digital currencies …

This paper studies the potential of a cryptocurrency to become a medium of exchange. We use evidence from a natural … experiment: In September 2021, El Salvador became the first country in the world to make bitcoin legal tender, and all economic … agents were required to accept bitcoin for all payments. The Salvadorean government also launched an app, "Chivo Wallet …