Fig. 5

Examples of the systematic approach to classifying the corporate degree of cryptocurrency exposure. Note: This Figure shows examples of the systematic approach to classifying corporate announcements where we do not have an objective, market-based criterion (i.e., not a direct market acquisition of BTC or ETH) into High, Medium, or Low cryptocurrency exposure. Each example refers to the following assorting rule: High exposure (Subfigures A and B): effective acceptance of cryptocurrency by an industry pioneer (Online Retail and Restaurants, respectively). Medium Exposure (Subfigures C and D): effective acceptance of cryptocurrency by a non-prime mover in its industry – i.e., following an industry pioneer (Rakuten operates in the Online Retail industry and started accepting bitcoin after Overstock.com, and Chipotle operates in the Restaurants industry and started to accept cryptocurrency after Restaurant Brands International [Burger King]). Low Exposure (Subfigure E): AMC announced plans to accept cryptocurrency, not actual acceptance. Low Exposure (Subfigure F): Starbucks announced cryptocurrency could now be applied to gift cards saved in the Starbucks app, but not directly accepting cryptocurrency for payments