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<p>We examine the effects of macro-fundamental policies and uncertainties on firms dealing directly or indirectly in blockchain technology, digital assets, back-end solutions, blockchain infrastructure, digital payment system, and—broadly speaking—the crypto ecosystem. Examining information in both time and frequency domain, we report a generally negative association for major policy indicators such as the federal funds rate, the TED spread, and—most significantly—economic policy uncertainty. These relationships evolve and often disappear over time. Notably, the effects were more significant before the COVID-19 pandemic came and appear to have formed during the crypto boom of 2017–2018. The relationships were consistent after the COVID-19 pandemic.</p>

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The Influence of Macro Policy Uncertainty on Blockchain Adoption, Crypto Economy, and Digital Asset Infrastructure

  • 期刊论文

  • 发表日期：

    2025年3月21日

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  • Rubaiyat Ahsan Bhuiyan,
  • Tze Chi Chin,
  • Tanusree Chakravarty Mukherjee

摘要

We examine the effects of macro-fundamental policies and uncertainties on firms dealing directly or indirectly in blockchain technology, digital assets, back-end solutions, blockchain infrastructure, digital payment system, and—broadly speaking—the crypto ecosystem. Examining information in both time and frequency domain, we report a generally negative association for major policy indicators such as the federal funds rate, the TED spread, and—most significantly—economic policy uncertainty. These relationships evolve and often disappear over time. Notably, the effects were more significant before the COVID-19 pandemic came and appear to have formed during the crypto boom of 2017–2018. The relationships were consistent after the COVID-19 pandemic.