Original Research

Check out all my academic research papers at Google Scholar. Open source model code is available at Github. Most working papers are available at SSRN.

100 Questions about Bitcoin’s Energy Use & ESG Impacts
The breadth of knowledge required to answer key questions highlights the need to build research capacity, encourage collaborative cross-sectoral and -disciplinary research, and develop a prioritized research agenda.

Direct link to academic article: https://doi.org/10.3390/challe14010001

An Interactive Bitcoin Supply-Demand Modeling Tool
How high could Bitcoin’s price go – and what drives it there? This interactive tool lets you explore one answer to that question by adjusting the key economic assumptions behind a peer-reviewed supply-demand model of Bitcoin price formation.

Online app for testing JRFM paper (https://doi.org/10.3390/jrfm18100570) supply and demand impact on Bitcoin price

Bitcoin Mining and Methane Mitigation: Economic Model
Our new study explores a novel integration of Bitcoin mining with landfill gas-to-energy (LFGTE) projects to enhance methane mitigation efforts.

Direct link to academic article: https://doi.org/10.1016/j.jclepro.2024.143516

Bitcoin’s Surprising Environmental and Social Impacts
Full article summary: Rudd, M.A., 2023. Bitcoin is full of surprises. Challenges 14, 27. In this article - my own from 2023 - I explore how a Pragmatist approach can bridge left-leaning progressive values with Bitcoin’s diverse potential benefits, particularly in areas important to progressives.

Direct link to academic article: https://doi.org/10.3390/challe14020027

2025 Bitcoin Research Priorities: Beyond First-Order Effects
This paper presents a 2025 horizon scan that adapts the logic of key questions exercises to Bitcoin-centric long-form podcast and interview discourse, drawing on 2,297 episodes to infer policy-salient research priorities.

Direct link to working paper: https://dx.doi.org/10.2139/ssrn.6032217

Example of a Bitcoin price model
Introduction to our Bitcoin price modeling framework for non-technical readers, with example of the impact of a single 500,000 Bitcoin purchase

Backgrounder for 'Bitcoin supply, demand, and price dynamics' article

Understanding Bitcoin Supply & Demand - A Backgrounder
Our Bitcoin price forecast framework is based on aggregate market supply and demand ‘working together’ to figure out equilibrium prices.

Backgrounder for 'Bitcoin supply, demand, and price dynamics' article

Bitcoin supply, demand, and price dynamics
We develop a bottom-up, quantity-clearing model of Bitcoin price formation that couples its fixed 21-million-coin cap with plausible demand growth and execution behavior.

Direct link to academic article: https://doi.org/10.3390/jrfm18100570

2024 Bitcoin research horizon scan
I used an AI-assisted ‘key questions’ approach to: (1) analyze transcriptions from 1,818 Bitcoin podcast episodes from 2024; (2) identify Bitcoin-oriented threats and opportunities; and (3) create and refine a list of 100 policy-salient Bitcoin research questions.

Direct link to working paper: https://dx.doi.org/10.2139/ssrn.5146515

What if US states had invested in Bitcoin in 2018?
I recently led the writing for a Satoshi Action Education report, coauthored with Eric Peterson and Dennis Porter, entitled “Strategic portfolio allocations for financial resilience: a counterfactual analysis of Bitcoin and gold in US state Rainy Day Funds.” Eric had the idea for this project, which asked ‘what if’ US

Supporting information (50 charts for each state) for Strategic portfolio allocations paper

Strategic portfolio allocations for financial resilience: a counter-factual analysis of Bitcoin and gold in US state Rainy Day Funds
I’m happy to announce that we have a new working paper from Satoshi Action Education! It is pretty light on math, so I’m not giving a full summary here - just click on the link in the citation below to go to SSRN and download the paper there. Citation: Rudd

Direct link to working paper: https://dx.doi.org/10.2139/ssrn.5104576

Urgent need for transdisciplinary research on Bitcoin
A Bitcoin science roadmap could identify research priorities and capacity-building opportunities across environmental, social, financial, economic, and security dimensions

Direct link to working paper: https://dx.doi.org/10.2139/ssrn.4510758

Forecasting Bitcoin Prices Using Supply & Demand Dynamics
This post gives a non-technical summary of our new Satoshi Action working paper. We developed a Bitcoin supply-and-demand framework and model for forecasting Bitcoin price trajectories out to 2036.

Direct link to working paper: https://ssrn.com/abstract=5059523

Shaping a Bitcoin Research Agenda: 40 Critical Questions
Full article summary: Rudd, M.A., 2024. 40 questions for shaping a policy-salient Bitcoin research agenda, SSRN preprint.

Direct link to working paper: https://dx.doi.org/10.2139/ssrn.4821335

Bitcoin Miners as Flexible Load Resources for Power Grids
This paper explores possibilities for integrating artificial intelligence (AI) into horizon scanning and key question exercises to navigate the challenges posed by emerging technologies.

Direct link to working paper: https://dx.doi.org/10.2139/ssrn.4634256

AI-Assisted Identification of Policy-Salient Research Needs
This paper explores possibilities for integrating artificial intelligence (AI) into horizon scanning and key question exercises to navigate the challenges posed by emerging technologies.

Direct link to working paper: https://dx.doi.org/10.2139/ssrn.4502450

Bitcoin Mining in Renewable Energy and Grid Management
Our findings suggest that Bitcoin mining can help reduce wasted renewable energy, provide financial benefits to renewable energy producers, and lower electricity prices for consumers.

Direct link to working paper: https://dx.doi.org/10.2139/ssrn.4899244