Future and Business of Cryptocurrencies: A Special Issue for Information Systems Researchers

Cryptocurrencies have risen in popularity due to their cost-efficiency, speed (Zohar, 2015), and geographic independence (Abramova & Böhme, 2016). In 2024, the global cryptocurrency market surpassed $2 trillion (Coinmarketcap, 2024). Cryptocurrency applications offer several advantages, including promoting financial inclusion (Qureshi & Xiong, 2018), enhancing privacy protection (Herskind et al., 2020; Meiklejohn et al., 2016), and reducing transaction times (Hendershott et al., 2021). Consequently, various business opportunities related to cryptocurrencies have emerged, such as initial coin offerings (ICOs), brokerages, infomediaries, and cryptocurrency ATMs (Kazan et al., 2015; Preston, 2017). Additionally, with the growing number of cryptocurrency owners, numerous cryptocurrency wallet services have appeared (Abramova & Böhme, 2016), enabling users to manage keys and transact efficiently while leveraging the benefits of cryptocurrencies. Many of these services have expanded their offerings to meet users’ needs more comprehensively (Au et al., 2022). Researchers are often interested in the drivers behind cryptocurrency transactions and adoption or even the potential of the technologies behind (i.e., Blockchain) to replace traditional currencies. However, there are several dark sides to cryptocurrencies. For example, cryptocurrencies' price volatility is significantly higher than that of traditional fiat currencies. This triggered broad interest among researchers and practitioners in accurately predicting the price of cryptocurrencies. In addition, cryptocurrency applications have been found to be used for illegal activities, such as drug trading and ransomware. The pseudonymous nature of cryptocurrencies has often made the capital flow of these illegal activities more challenging to trace. This special issue aims to bring together leading research in cryptocurrencies. Its objective is to collect, process, examine, and circulate diverse issues of social, economic, and technological context related to cryptocurrencies. In turn, it is hoped that theories related to cryptocurrencies can be advanced while different stakeholders can make more informed decisions related to cryptocurrencies.