What is it about?
Bitcoin’s value and price behavior evolve as its network matures. This study examines how Bitcoin transitions from a growth phase, where price is driven by user adoption, to a mature phase, where price is influenced by inventory levels and market activity.Using historical data from 2013 to 2020, the study applies statistical models to identify shifts in Bitcoin’s pricing behavior. Findings reveal that in the growth phase, Bitcoin demand increases with user expansion. However, in the mature phase, Bitcoin behaves more like a commodity—higher inventory levels lead to lower returns, and convenience yields decline.These insights help investors, policymakers, and traders develop better financial strategies as Bitcoin evolves.
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This page is a summary of: The growth and mature states of cryptocurrencies, International Journal of Accounting and Information Management, June 2025, Emerald,
DOI: 10.1108/ijaim-02-2025-0054.
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