The Impact of Covid-19 Pandemic on Cryptocurrency Adoption in Investments: a Bibliometric Study

Abstract

In the post-COVID-19 era, academic papers on changing financial investment habits are proliferating rapidly as the pandemic has disrupted economic and financial markets, altered investment decisions, and brought new risks and challenges. In addition to traditional market instruments such as gold, oil, and other commodities, cryptocurrencies have attracted new attention due to their dynamic and decentralized nature in these extraordinary times, which must be constantly analyzed from different angles. This paper aims to analyze the evolving academic interest in the adoption of cryptocurrencies for investment decisions, focusing on research papers published in the Scopus database between 2020 and 2023 through bibliometric analysis. The Scopus database provides high-quality publications that have been peer-reviewed and rigorously scrutinized, and the chosen time period corresponds exactly to the period that was sufficient to provide a significant amount of research. The choice of bibliometric research methodology supported our research question and significantly improved our understanding of the relationship between the rise in financial market usage related to COVID-19. The specific focus of this research shows a significant correlation between COVID-19 and cryptocurrencies as an investment option, as evidenced by the increasing number of academic papers and collaboration between numerous countries and institutions. The analysis of the bibliometric research results underlines the increasing importance of cryptocurrencies as alternative investment opportunities in the financial markets. A remarkable interest in this area can be observed globally, with leading countries such as China, India, the USA, the UK, and Malaysia driving research efforts. Through the use of bibliometric analysis, this study encourages cross-border collaboration and highlights the academic recognition of cryptocurrencies as viable investment opportunities in the international financial landscape. Investors, researchers, and policymakers are interested in the growing recognition of cryptocurrencies as a viable investment opportunity, which is reflected in increasing research collaborations and investment opportunities. These trends highlight the evolving landscape of financial markets and regulatory considerations.