September 2024
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17 Reads
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4 Citations
Journal of Environmental Management
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Publications (9)
June 2024
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28 Reads
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1 Citation
Journal of Commodity Markets
January 2024
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21 Reads
SSRN Electronic Journal
January 2024
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12 Reads
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1 Citation
SSRN Electronic Journal
January 2023
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25 Reads
SSRN Electronic Journal
January 2021
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18 Reads
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4 Citations
SSRN Electronic Journal
January 2021
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10 Reads
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4 Citations
SSRN Electronic Journal
May 2019
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10,628 Reads
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831 Citations
Review of Financial Studies
Cryptocurrencies are among the largest unregulated markets in the world. We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs. The illegal share of bitcoin activity declines with mainstream interest in bitcoin and with the emergence of more opaque cryptocurrencies. The techniques developed in this paper have applications in cryptocurrency surveillance. Our findings suggest that cryptocurrencies are transforming the black markets by enabling “black e-commerce.” Received June 1, 2017; editorial decision December 8, 2018 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
January 2019
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21 Reads
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1 Citation
SSRN Electronic Journal
Citations (3)
... Moreover, developers have intensified their efforts lately in transitioning to more energy efficient security protocols such as from Proof-of-Work (PoW), native to Bitcoin, to Proof-of-Stake (PoS), which Ethereum implemented in 2022 with a proven whooping energy efficiency of 90%. A natural experiment of cryptocurrency investors' portfolio before and after the "Merge" (the PoS adoption event by Ethereum) shows however a minimal shift toward the more climate friendly cryptocurrency (Baur and Karlsen, 2024, January 15) thus highlighting that the environmental impact caused by cryptocurrencies is not a top priority for current investors, although it might still be for future or undecided investors. ...
- Citing Article
January 2024
SSRN Electronic Journal
... An important point mentioned by most pro-crypto experts is that the cryptocurrency Bitcoin is antiinflationary in nature. Where central banks need to hike their interest rates in order to control inflation, cryptocurrencies can simply do this by making structural changes in the code (Félez-Viñas et al., 2021) 15 . The finite supply of Bitcoin means that there are only 21 million of them. ...
- Citing Article
January 2021
SSRN Electronic Journal
... The adoption of cryptocurrencies has been driven by their potential for financial inclusion, efficiency in transactions, and as a store of value and investment vehicle (Böhme et al., 2015;Catalini & Gans, 2016). However, their rise in popularity has also brought to light significant challenges, particularly their potential misuse for financial crimes such as money laundering, fraud, and illicit trade (Childs, 2024;Das et al, 2025;Foley et al., 2019;Holt et al., 2023). The anonymity, decentralization, and borderless nature of cryptocurrencies make them attractive tools for criminal activities, including drug trafficking, terrorism financing, and ransomware attacks (Aldridge & Décary-Hétu, 2014; technological advancements, economic implications, and societal impacts. ...
- Citing Article
May 2019
Review of Financial Studies