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Accepting Cryptocurrency as a Form of Payment and Its Impact on Firm Value

Navid Bahmani

Journal of Interactive Marketing2025https://doi.org/10.1177/10949968251379755article
AJG 3ABDC A
Weight
0.37

Abstract

With the emergence of blockchain technology, many firms have approached cryptocurrency by allowing their customers to use it as a form of payment. However, little research has examined firms’ acceptance of cryptocurrency, the unique strategies that have been undertaken, or the impact on firm-level outcomes. Drawing on signaling theory, the author applies the event study methodology to learn how firm value (i.e., stock price) is impacted by firms’ announcement of cryptocurrency acceptance. The author finds that, on average, firms have lost 2.73% in firm value as a result of announcing cryptocurrency acceptance. However, a moderation analysis reveals that firms that have chosen to accept Bitcoin (as opposed to focusing exclusively on alternative cryptocurrencies) and firms that have approached cryptocurrency acceptance in more recent years experience financial gains. The geographical location (i.e., domestic or international) of cryptocurrency acceptance is not found to have a moderating impact.

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https://doi.org/https://doi.org/10.1177/10949968251379755

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@article{navid2025,
  title        = {{Accepting Cryptocurrency as a Form of Payment and Its Impact on Firm Value}},
  author       = {Navid Bahmani},
  journal      = {Journal of Interactive Marketing},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1177/10949968251379755},
}

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Accepting Cryptocurrency as a Form of Payment and Its Impact on Firm Value

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Evidence weight

0.37

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.16 × 0.4 = 0.06
M · momentum0.53 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.