Crypto-Assets Unencrypted

Journal of Investment Management, Forthcoming

49 Pages Posted: 15 Feb 2018

See all articles by Seoyoung Kim

Seoyoung Kim

Santa Clara University

Atulya Sarin

Santa Clara University - Department of Finance

Daljeet Virdi


Date Written: January 31, 2018


With the recent surge in crypto-activity, a natural question arises as to what exactly a “cryptocurrency” is and how to value and assess these digital assets. In this paper, we provide an overview of the history and technology underlying cryptocurrencies. We also present information on the volume, size, and volatility of this emerging asset class, which we compare to major fiat currencies and commodities. Finally, we provide a framework for valuing crypto-assets, discuss the still-evolving regulatory environment for this asset class, and discuss the mechanics of investing in cryptocurrencies.

Keywords: cryptocurrency; coins; digital assets; bitcoin; ethereum; fintech

JEL Classification: E42; G10, G11, G12

Suggested Citation

Kim, Seoyoung and Sarin, Atulya and Virdi, Daljeet, Crypto-Assets Unencrypted (January 31, 2018). Journal of Investment Management, Forthcoming, Available at SSRN:

Seoyoung Kim (Contact Author)

Santa Clara University ( email )

500 El Camino Real
Santa Clara, CA California 95053
United States

Atulya Sarin

Santa Clara University - Department of Finance ( email )

Leavey School of Business and Administration
Santa Clara, CA 95053
United States
408-554-4953 (Phone)
408-904-4498 (Fax)


Daljeet Virdi

Independent ( email )

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