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Economic and Financial Development as Determinants of Crypto Adoption
Magazzino, Cosimo Gattone, Tulia
Horky, Florian
Magazzino, Cosimo
Horky, Florian
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Abstract
This research investigates the macroeconomic determinants of crypto adoption, illuminating the potentials of cryptocurrencies to accelerate financial inclusion. By exploiting an extensive dataset from 165 countries between 2019 and 2021, this study employs various econometric methodologies, including Panel Feasible Generalized Least Squares (PFGLS), Robust Least Squares (RLS), and Quantile Regressions (QR). These classic econometric techniques are complemented by several machine learning techniques such as Bagging, Boosting, and Support Vector Machine (SVM) regressions, as well as Artificial Neural Networks (ANNs) and Naïve Bayes (NB) classification algorithms. The results show an interesting trend: cryptocurrency adoption is more prevalent in countries with robust financial markets and higher education levels. This suggests that crypto adoption is primarily a byproduct of sophisticated financial environments and an educated population, rather than a direct facilitator of financial inclusion.
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2025
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Keywords
Cryptocurrency adoption, Financial inclusion, Economic development, Panel data, Machine learning
Citation
Magazzino, Cosimo, Tulia Gattone, and Florian Horky. “Economic and Financial Development as Determinants of Crypto Adoption.” International Review of Financial Analysis 103 (July):104217. 2025.