ТРАНСФОРМАЦІЯ ФУНКЦІЙ КРИПТОВАЛЮТ У ПОСКРИЗОВІЙ ФІНАНСОВІЙ АРХІТЕКТУРІ
Анотація
У статті виявлено закономірності еволюції криптовалютного ринку у 2008-2024 роках та обґрунтовано трансформацію функцій криптовалют у посткризовій фінансовій архітектурі під впливом глобальних фінансових криз. Визначено роль світових фінансових криз у формуванні нових функцій криптовалют, зокрема реакція на банківську кризу 2008 року, інституціоналізація внаслідок пандемії COVID-19 та поява регуляторних рамок у 2022-2024 рр. Визначено перехід криптовалют під час пандемічної кризи 2020-2021 рр. від «антисистемної» до «системної» фази розвитку. Розкрито процес інституціоналізації криптовалют, зниження ступеня їх децентралізації і зростання залежності від глобальних фінансових циклів.
Посилання
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The Verge. (2013). Total Bitcoin value passes $1 billion. Available at: https://www.theverge.com/2013/3/30/4164634/total-bitcoin-value-passes-1-billion
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Financial Stability Board. (2022). Regulation, Supervision and Oversight of Crypto-Asset Activities and Markets. Available at: https://www.fsb.org/uploads/P111022-2.pdf
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Securities Industry and Financial Markets Association. (2025). 2025 Capital Markets Fact Book. Available at: https://www.sifma.org/resources/research/fact-book
The World Bank. (2025). Market capitalization of listed domestic companies (current US$). [Data set]. Available at: https://data.worldbank.org/indicator/CM.MKT.LCAP.CD?locations=US
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World Gold Council. (2025). Gold Demand Trends: Full Year 2024. Available at: https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2024
