Past and Future of Cryptocurrencies: A Survey Using Bibliometric Methods

Abstract

ABSTRACT This study employed both bibliometric analysis and a comprehensive review of the existing literature to examine 3844 publications in cryptocurrency research, which were collected from the Web of Science Core Collection Database. The study has utilized bibliometric methods to analyze the most productive countries and regions, research institutions, and authors in cryptocurrency research. Cluster analysis of co‐citation articles indicates three main themes in cryptocurrency research over the past decade: the efficiency of the cryptocurrency market, innovation, application, and governance of blockchain technology as well as risk management of cryptocurrencies. Keyword co‐occurrence analysis reveals three major future research directions regarding cryptocurrency: (1) using machine learning methods to forecast price returns of cryptocurrencies; (2) how to enhance the security, legitimacy, and environmental sustainability of cryptocurrencies; (3) further exploration of the impact of various unexpected events on the risks of cryptocurrencies under global instability. In the section of literature review, two to three representative papers from the five most‐cited authors in cryptocurrency research are summarized. Additionally, 28 of the most noteworthy papers, selected based on three different criteria, are presented. These papers cover different periods and research topics, and a brief yet comprehensive overview of these 28 influential papers is provided.