Congratulations to Michael Wulfsohn who won Best Student Paper at Cryptocurrency Research Conference 2025
The Department of Economics warmly congratulates Michael Wulfsohn, who has been awarded Best Student Paper at the Cryptocurrency Research Conference 2025 for his work “Tracing the learning curve: On cryptocurrency prices, volatility, and eventual adoption.”
Michael's paper addresses one of the most pressing debates in finance today: the uncertain future of cryptocurrency adoption. The research develops a model showing how uncertainty about long-term demand shapes cryptocurrency prices. Initially, this uncertainty creates a discount, but as markets gradually learn more about the likelihood of adoption, the discount narrows.
The model is able to reproduce the observed long-term decline in both the growth rate and volatility of Bitcoin and other major cryptocurrencies. It also provides tools for forecasting expected returns and risk under different adoption scenarios, offering valuable guidance for investors considering cryptocurrency within their portfolios.
This award highlights the Department’s growing reputation for impactful research at the intersection of financial economics, innovation, and emerging markets.
Congratulations to Michael on this outstanding achievement!
Find out more and access his paper here: Michael Wulfsohn - Research
