Bitcoin in the  BRICS: A Decade of Adoption and Economic Impact

Shiney Sam

doi:10.12725/ujbm.65.3

Authors

Shiney Sam School of Business & Management, CHRIST (Deemed to be University)

DOI:

https://doi.org/10.12725/ujbm.65.3

Keywords:

Bitcoin, BRICS, Adoption Rate, Google Trend

Abstract

The Bitcoin market has expanded its wings and overshadowed the globe at a remarkable speed over its short span of time. Introduced in 2008, this financial innovation possesses properties of both, a currency as well as an asset. Over the past decade, BRICS i.e. Brazil, Russia, India, China and South Africa is playing an increasingly important role in the global economy. Seeking the growing prominence of Bitcoin, the present study aims at exploring its status of Bitcoin in the BRICS nations. Using the secondary data of Google Trend time series, Google Trend country interest point and Bitcoin core software download, its status in BRICS nations is analysed. The findings imply that amongst the BRICS, China and Russia are the economies which are highly embracing this new fintech innovation. This financial mechanism can facilitate increased free flow of capital and international trade, thus,integrating the international financial market to ensure sustainable development of BRICS.

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