CRIPTOMONEDELE: BOOM FINANCIAR SAU FACTOR DE VOLATILITATE ECONOMICĂ?
CRYPTOCURRENCIES: FINANCIAL BOOM OR DRIVER OF ECONOMIC VOLATILITY?

Summary/Abstract: With the spectacular expansion that cryptocurrencies have had in recent years, several questions have arisen regarding their impact on the real economy. This research paper analyses the impact of the cryptocurrency market (quantified through the price of Bitcoin and the related Ethereum) on three representative economic dimensions (economic growth, financial market and informal economy). The time interval covers the period 2008- 2024, with data collected quarterly. From an econometric point of view, we used the Autoregressive Distributed Lag (ARDL) model, which is recommended for models that tend to be autoregressive, with a limited number of observations. The results indicate a complex impact. On the one hand, cryptocurrencies have a negative impact on traditional financial markets, explained by high volatility and the speculative behaviour of individuals. On the other hand, there is a positive impact on the informal economy, attributed to transactions that are outside traditional circuits. The study makes a considerable contribution to the specialised literature in the field of the cryptocurrency market, quantified both through the central theme and through a comparative approach at the level of the European Union and the United States of America, thus providing relevant empirical evidence.

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