IDEAS home Printed from https://ideas.repec.org/a/gam/jftint/v14y2022i6p162-d824754.html
   My bibliography  Save this article

What Is Coming across the Horizon and How Can We Handle It? Bitcoin Scenarios as a Starting Point for Rigorous and Relevant Research

Author

Listed:
  • Horst Treiblmaier

    (School of International Management, Modul University Vienna, 1190 Vienna, Austria)

Abstract

The disruptive impact of blockchain technologies can be felt across numerous industries as it threatens to disrupt existing business models and economic structures. To better understand this impact, academic researchers regularly apply well-established theories and methods. The vast majority of these approaches are based on multivariate methods that rely on average behavior and treat extreme cases as outliers. However, as recent history has shown, current developments in blockchain and cryptocurrencies are frequently characterized by aberrant behavior and unexpected events that shape individuals’ perceptions, market behavior, and public policymaking. In this paper, I apply various scenario tools to identify such extreme scenarios and illustrate their underlying structure as bundles of interdependent factors. Using the case of Bitcoin, I illustrate that the identification of extreme positive and negative scenarios is complex and heavily depends on underlying economic assumptions. I present three scenarios in which Bitcoin is characterized as a financial savior, as a severe threat to economic stability, or as a substitute to overcome several shortcomings of the existing financial system. The research questions that can be derived from these scenarios bridge behavioral and design science research and provide a fertile ground for impactful future research.

Suggested Citation

  • Horst Treiblmaier, 2022. "What Is Coming across the Horizon and How Can We Handle It? Bitcoin Scenarios as a Starting Point for Rigorous and Relevant Research," Future Internet, MDPI, vol. 14(6), pages 1-15, May.
    • Handle: RePEc:gam:jftint:v:14:y:2022:i:6:p:162-:d:824754
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1999-5903/14/6/162/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1999-5903/14/6/162/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Parminder Singh & Anand Nayyar & Avinash Kaur & Uttam Ghosh, 2020. "Blockchain and Fog Based Architecture for Internet of Everything in Smart Cities," Future Internet, MDPI, vol. 12(4), pages 1-12, March.
    2. Barbara Neuhofer & Bianca Magnus & Krzysztof Celuch, 2021. "The impact of artificial intelligence on event experiences: a scenario technique approach," Electronic Markets, Springer;IIM University of St. Gallen, vol. 31(3), pages 601-617, September.
    3. Evgenia Kapassa & Marinos Themistocleous & Klitos Christodoulou & Elias Iosif, 2021. "Blockchain Application in Internet of Vehicles: Challenges, Contributions and Current Limitations," Future Internet, MDPI, vol. 13(12), pages 1-32, December.
    4. Cynthia Weiyi Cai, 2018. "Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(4), pages 965-992, December.
    5. Geneci da Silva Ribeiro Rocha & Letícia de Oliveira & Edson Talamini, 2021. "Blockchain Applications in Agribusiness: A Systematic Review," Future Internet, MDPI, vol. 13(4), pages 1-16, April.
    6. Baocheng Wang & Zetao Li, 2021. "Healthchain: A Privacy Protection System for Medical Data Based on Blockchain," Future Internet, MDPI, vol. 13(10), pages 1-16, September.
    7. Horst Treiblmaier, 2021. "Exploring the Next Wave of Blockchain and Distributed Ledger Technology: The Overlooked Potential of Scenario Analysis," Future Internet, MDPI, vol. 13(7), pages 1-13, July.
    8. Luisanna Cocco & Roberto Tonelli & Michele Marchesi, 2021. "Blockchain and Self Sovereign Identity to Support Quality in the Food Supply Chain," Future Internet, MDPI, vol. 13(12), pages 1-19, November.
    9. Terry W. Griffin & Keith D. Harris & Jason K. Ward & Paul Goeringer & Jessica A. Richard, 2022. "Three Digital Agriculture Problems in Cotton Solved by Distributed Ledger Technology," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 44(1), pages 237-252, March.
    10. Chiara Acciarini & Francesco Bolici & Gabriele Diana & Lucia Marchegiani & Luca Pirolo, 2022. "Blue Ocean or Dry Desert? Blockchain and Bitcoin Impact on Tourism Industry," Lecture Notes in Information Systems and Organization, in: Luca Solari & Marcello Martinez & Alessio Maria Braccini & Alessandra Lazazzara (ed.), Do Machines Dream of Electric Workers?, pages 85-98, Springer.
    11. Ioannis ANTONIADIS & Stamatis KONTSAS & Konstantinos SPINTHIROPOULOS, 2019. "Blockchain and Brand Loyalty Programs: A Short Review of Applications and Challenges," International Conference on Economic Sciences and Business Administration, Spiru Haret University, vol. 5(1), pages 8-16, November.
    12. Viktoria Rajnak & Thomas Puschmann, 2021. "The impact of blockchain on business models in banking," Information Systems and e-Business Management, Springer, vol. 19(3), pages 809-861, September.
    13. Hyunjun Jung & Dongwon Jeong, 2021. "Blockchain Implementation Method for Interoperability between CBDCs," Future Internet, MDPI, vol. 13(5), pages 1-14, May.
    14. Erik Karger & Marvin Jagals & Frederik Ahlemann, 2021. "Blockchain for Smart Mobility—Literature Review and Future Research Agenda," Sustainability, MDPI, vol. 13(23), pages 1-32, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chengying He & Yong Li & Tianqi Wang & Salman Ali Shah, 2024. "Is cryptocurrency a hedging tool during economic policy uncertainty? An empirical investigation," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-10, December.
    2. Emon Kalyan Chowdhury & Mohammad Nayeem Abdullah, 2024. "Gauging Demand for Cryptocurrency over the Economic Policy Uncertainty and Stock Market Volatility," Computational Economics, Springer;Society for Computational Economics, vol. 64(1), pages 37-55, July.
    3. Roger C. Brackin & Michael J. Jackson & Andrew Leyshon & Jeremy G. Morley & Sarah Jewitt, 2022. "Generating Indicators of Disruptive Innovation Using Big Data," Future Internet, MDPI, vol. 14(11), pages 1-24, November.
    4. Francesco Buccafurri & Vincenzo De Angelis & Sara Lazzaro, 2022. "A Blockchain-Based Framework to Enhance Anonymous Services with Accountability Guarantees," Future Internet, MDPI, vol. 14(8), pages 1-20, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    2. Emil Adamek & Jan Janku, 2022. "What Drives Small Business Crowdfunding? Impact of Macroeconomic and Financial Factors," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 72(2), pages 172-196, June.
    3. Piotr Å asak & SÅ‚awomir WyciÅ›lak, 2023. "Blockchain and cloud platforms in banking services: A paradox perspective," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 19(4), pages 12-47.
    4. Sebastian Kussl & Andreas Wald, 2022. "Smart Mobility and its Implications for Road Infrastructure Provision: A Systematic Literature Review," Sustainability, MDPI, vol. 15(1), pages 1-20, December.
    5. Karim, Sitara & Lucey, Brian M., 2024. "BigTech, FinTech, and banks: A tangle or unity?," Finance Research Letters, Elsevier, vol. 64(C).
    6. Shams Mhmood Abd Ali & Mohd Najwadi Yusoff & Hasan Falah Hasan, 2023. "Redactable Blockchain: Comprehensive Review, Mechanisms, Challenges, Open Issues and Future Research Directions," Future Internet, MDPI, vol. 15(1), pages 1-27, January.
    7. Johannes Treu, 2023. "The Chance of FinTech to be a New General-Purpose Technology," International Business Research, Canadian Center of Science and Education, vol. 16(11), pages 1-22, November.
    8. Anna Borkovcová & Miloslava Černá & Marcela Sokolová, 2022. "Blockchain in the Energy Sector—Systematic Review," Sustainability, MDPI, vol. 14(22), pages 1-12, November.
    9. Tandon, Anushree & Kaur, Puneet & Mäntymäki, Matti & Dhir, Amandeep, 2021. "Blockchain applications in management: A bibliometric analysis and literature review," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    10. Sun, Yi & Jiang, Shiqing & Jia, Wanjiao & Wang, Yu, 2022. "Blockchain as a cutting-edge technology impacting business: A systematic literature review perspective," Telecommunications Policy, Elsevier, vol. 46(10).
    11. Oscar Lage & María Saiz-Santos & José Manuel Zarzuelo, 2022. "Decentralized platform economy: emerging blockchain-based decentralized platform business models," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1707-1723, September.
    12. Myung Ja Kim & C. Michael Hall, 2019. "Can Co-Creation and Crowdfunding Types Predict Funder Behavior? An Extended Model of Goal-Directed Behavior," Sustainability, MDPI, vol. 11(24), pages 1-23, December.
    13. Uttam Ghosh & Deepak Tosh & Nawab Muhammad Faseeh Qureshi & Ali Kashif Bashir & Al-Sakib Khan Pathan & Zhaolong Ning, 2022. "Cyber-Physical Systems: Prospects, Challenges and Role in Software-Defined Networking and Blockchains," Future Internet, MDPI, vol. 14(12), pages 1-2, December.
    14. Castro-Iragorri, C & Ramírez, J & Vélez, S, 2021. "Financial intermediation and risk in decentralized lending protocols," Documentos de Trabajo 19420, Universidad del Rosario.
    15. Ravi Kashyap, 2024. "The Democratization of Wealth Management: Hedged Mutual Fund Blockchain Protocol," Papers 2405.02302, arXiv.org, revised Jul 2024.
    16. Xiaoyu Li & Jiahong Yuan & Yan Shi & Zilai Sun & Junhu Ruan, 2020. "Emerging Trends and Innovation Modes of Internet Finance—Results from Co-Word and Co-Citation Networks," Future Internet, MDPI, vol. 12(3), pages 1-14, March.
    17. Pandey, Dharen Kumar & Hassan, M.Kabir & Kumari, Vineeta & Zaied, Younes Ben & Rai, Varun Kumar, 2024. "Mapping the landscape of FinTech in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 67(PA).
    18. Agyekum, Francis K. & Reddy, Krishna & Wallace, Damien & Wellalage, Nirosha H., 2022. "Does technological inclusion promote financial inclusion among SMEs? Evidence from South-East Asian (SEA) countries," Global Finance Journal, Elsevier, vol. 53(C).
    19. Alnafrah, Ibrahim & Mouselli, Suliman, 2021. "Revitalizing blockchain technology potentials for smooth academic records management and verification in low-income countries," International Journal of Educational Development, Elsevier, vol. 85(C).
    20. Klarin, Anton, 2020. "The decade-long cryptocurrencies and the blockchain rollercoaster: Mapping the intellectual structure and charting future directions," Research in International Business and Finance, Elsevier, vol. 51(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jftint:v:14:y:2022:i:6:p:162-:d:824754. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.