Exploring Financial Innovation Through Cryptocurrency: A Global Systematic and Bibliometric Analysis

A growing number of financial institutions are showing interest in Cryptocurrency, prompting a need to understand its role in the current financial system. This article, using a narrative literature review, highlights both the benefits and drawbacks of Cryptocurrency adoption. Key concerns include security risks, privacy issues, price volatility, lack of regulatory oversight, potential for criminal misuse, high energy consumption, and governmental restrictions. Despite early resistance, cryptocurrencies like Bitcoin and Ether have gained legitimacy, especially among corporations. However, environmental concerns remain, as crypto mining consumes vast energy, contributing to carbon emissions and climate change. Using data from 2013 to 2024, the study examines how publicly traded U.S. companies account for Cryptocurrency holdings. It finds that while corporate adoption is growing, the landscape lacks transparency and standardized reporting norms. Companies differ in how they report crypto assets, with a shift toward treating them as indefinite-lived intangible assets over time. Reporting practices vary in terms of fair value assessments and impairment testing assumptions. These inconsistencies highlight the challenges in understanding corporate crypto exposure. This study offers a concise overview for scholars and practitioners, shedding light on the evolving intersection of Cryptocurrency and mainstream finance.