Tracing Knowledge Diffusion Trajectories in Scholarly Bitcoin Research: Co-Word and Main Path Analyses

Abstract

In the burgeoning field of bitcoin research, a cohesive understanding of how knowledge and insights have evolved over time is lacking. This study aims to address this gap through an exploration of 4123 academic articles pertaining to bitcoin. Utilizing co-word analysis and main path analysis (MPA), it uncovers key themes and seminal works that have substantially influenced the field’s progression. The identified clusters, including safe haven, internet of things (IoT), proof of work (PoW), market efficiency, sentiment analysis, digital currency, and privacy, shed light on the multifaceted discourse surrounding bitcoin. The MPA, incorporating both forward and backward local paths, traces an evolving narrative, starting from an in-depth exploration of bitcoin’s structure, anonymity, and contrasts against traditional financial assets. It tracks the shift in focus to broader market dynamics, volatility, speculative nature, and reactions to economic policy fluctuations. The analysis underscores the transformation of bitcoin research, from its beginnings as a decentralized, privacy-oriented currency to its role in global economics and green financing, revealing a complex narrative of an innovative financial instrument to a multifaceted entity. Implications drawn from this analysis include the need for further research on the potential integration of bitcoin within emerging technologies like AI and cybersecurity, the implications of bitcoin’s interplay with traditional financial systems, and the environmental impacts of bitcoin and blockchain utilization. Overall, the current study not only enhances our understanding of the bitcoin field but also charts its dynamic evolution and stimulates further academic inquiry.