Cryptocurrency expansion effects on Iran's economy: SWOT-AHP analysis

ABSTRACT

Since 2008, when Bitcoin was introduced as the first cryptocurrency, the world has witnessed a rapid growth of cryptocurrencies. Along with the rapid growth of cryptocurrencies, the need for study and research in this field increases. The effects of the expansion of cryptocurrencies on the economy is one of the important challenges in this field. In this paper, the expansion of cryptocurrencies in Iran's economy has been investigated using the SWOT method. The strengths, weaknesses, opportunities, and threats of cryptocurrencies were examined and presented in the form of a $2\times 2$ table. Then, to quantify the results, the AHP method was used and the items specified in the SWOT method were prioritised by using experts' opinions. Finally, the appropriate strategies in this field for Iran's economy were explained.

KEYWORDS:

• Cryptocurrency
• SWOT analysis
• MCDM
• AHP

Disclosure statement

No potential conflict of interest was reported by the author(s).

Notes

1 https://blog.bittestan.com/wp-content/uploads/8081/10/Final-Bittestan-Pitch-Deck.pdf.

2 Strengths, Weaknesses, Opportunities and Threats.

3 Analytic Hierarchy Process.

4 Multi-Criteria Decision Making.

Additional information

Notes on contributors

Hossein Mehri Khonakdari

Hossein Mehri Khonakdari is an economics PhD student at Tarbiat Modares University, Iran. His research interests are health economics and digital economics. In his doctoral thesis, he explores the effects of cryptocurrencies on Iran's economy.

Hossein Sadeghi Saghdel

Hossein Sadeghi Saghdel is an associate professor at the faculty of management and economics, Tarbiat Modares University, Iran. He obtained his PhD in economical science from Tarbiat Modares University in 1995. His research interests include energy, resources and environmental economics, Iran's economy and Islamic economics.

Abbas Assari Arani

Abbas Assari Arani is an associate professor at the faculty of management and economics, Tarbiat Modares University, Iran. He obtained his PhD in economical science from Tarbiat Modares University in 2003. His research interests include health economics, development and planning, Iran's economy and energy economics.

Amir Hossein Mozayani

Amir Hossein Mozayani is an associate professor at the institute of economic research, Tarbiat Modares University, Iran. He obtained his PhD in international economics from Tarbiat Modares University in 2004. His research interests include international macroeconomics, engineering economics and Iran's economy.