Bitcoin's P2P Trading: Evidence From 23 Fiat Currencies, 2017-18

22 Pages Posted: 29 Jun 2019

Date Written: June 28, 2019


A study of Bitcoin P2P trading in 23 fiat currencies finds trading on LocalBitcoins without considering any other issues does not have any consistent impact of the price paid for Bitcoin. There is also no evidence that liquidity or payment method impact on Bitcoin prices. There is however, evidence of higher Bitcoin prices paid in countries with economic problems when compared to Bitcoin prices in more healthy economies. Groups of countries facing similar economic conditions such as South East Asian and Central/South America experience similar Bitcoin trading patterns. However, the surprise is the European Union with very low Bitcoin price correlations between the euro and the non-EMU fiat currencies and between the non-EMU currencies themselves.

Keywords: Bitcoin, P2P, fiat currencies, liquidity, payment methods, economic conditions, EU, EMU

JEL Classification: O57, G1, F3

Suggested Citation

Johnson, Jackie, Bitcoin's P2P Trading: Evidence From 23 Fiat Currencies, 2017-18 (June 28, 2019). Available at SSRN: or

Jackie Johnson (Contact Author)

Johnson Research, Perth ( email )

PO Box 440
Bullcreek, WA 6149

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