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Professor Coin

A regular column bringing important insights from published academic literature on cryptocurrency to the Decrypt readership.

CollectionLast updated Dec 6, 2025
Dec 6
Bitcoin is the leading crypto asset by market cap. Image: Shutterstock/Decrypt

Professor Coin: When Bitcoin Sneezes—How Crypto and Equities Caught the Same Cold

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the tenth installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, I discuss how crypto’s relationship with equities has evolved. Not so long ago, Bitcoin was marketed as the ultimate diversifier—an asset supposedly immune...

NewsCoins
6 min read
Andrew Urquhart
Oct 19
Bitcoin energy consumption. Image: Shutterstock/Decrypt

Professor Coin: Bitcoin, Energy and the Future of Sustainable Crypto

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the ninth installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, I discuss Bitcoin energy usage, and the future for sustainable cryptos. When you hear the words “Bitcoin mining,” you might picture giant warehouses packed...

NewsCoins
5 min read
Andrew Urquhart
Aug 3
Bitcoin. Image: Decrypt

Professor Coin: What Gives Bitcoin Its Value?

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the eighth installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, I discuss what gives Bitcoin value. In just over a decade, Bitcoin has gone from a niche innovation in cryptography to a globally traded asset with a mark...

NewsCoins
6 min read
Andrew Urquhart
Jul 20
Bitcoin and gold. Image: Shutterstock/Decrypt

Professor Coin: Can Bitcoin Replace Gold?

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the seventh installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, I study the relationship between Bitcoin and gold, and explore whether Bitcoin can replace gold. For centuries, gold has been the ultimate store of value...

NewsCoins
6 min read
Andrew Urquhart
May 26
Source: Decrypt/Shutterstock

Professor Coin: How Crypto Derivatives Have Impacted Digital Markets

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the sixth instalment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, we’ll investigate cryptocurrency derivatives. Bitcoin has gone from being an obscure digital asset traded by blockchain enthusiasts to one of the most trade...

NewsCoins
5 min read
Andrew Urquhart
Apr 12
Image: Shutterstock

Professor Coin: What's Driving Cryptocurrency Adoption Around the World

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the fifth instalment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, we’ll investigate cryptocurrency adoption. Cryptocurrencies are clearly growing in terms of size, scale and types of offerings, which altogether indicates t...

NewsCoins
4 min read
Andrew Urquhart
Feb 16
Bitcoin. Image: Shutterstock

Professor Coin: Do Managed Crypto Funds Outperform the Market?

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the fourth instalment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrencies to the Decrypt readership. In this article, we’ll investigate crypto funds. Cryptocurrencies have become financialized in recent years. Initially, investors wanting exposure to cryptocurrencies had t...

NewsCoins
4 min read
Andrew Urquhart
Oct 13
Image: Shutterstock

Professor Coin: How Do You Price Cryptocurrencies Like Bitcoin and Ethereum?

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the Department of Finance at Birmingham Business School (BBS). This is the third installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrency to the Decrypt readership. This week we’ll delve into how to price cryptocurrencies. In any market, one of the most important questions is ‘what drives the expected returns of the assets?” This age-old...

NewsMarkets
4 min read
Andrew Urquhart
Aug 25
Image: Shutterstock

Professor Coin: Is There a ‘Free Lunch’ in Cryptocurrency Markets?

This is the second installment of the Professor Coin column, in which I bring important insights from published academic literature on cryptocurrency to the Decrypt readership. This time, we’ll delve into arbitrage in cryptocurrency markets. A "free lunch" in finance describes an opportunity where profit is gained without any risks and is often called arbitrage. What is Crypto Arbitrage and How Does It Work? Arbitrage is the simple process of the simultaneous purchase and sale of the same, or ve...

NewsCoins
3 min read
Andrew Urquhart
Jul 14
Image: Shutterstock

Professor Coin: Do Investors Treat Crypto Differently?

Professor Andrew Urquhart is Professor of Finance and Financial Technology and Head of the ICMA Centre at Henley Business School, University of Reading. Welcome to Professor Coin, a new column in which I bring important insights from recently published academic literature on cryptocurrency to the Decrypt readership. In this first installment, I’ll outline the main findings of a recent paper in one of the top finance journals by authors from the Wharton School, London School of Economics, Kelley...

NewsOpinion
3 min read
Andrew Urquhart

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