# Methodology

By [Untitled](https://paragraph.com/@0x933b43bac3e7241f79f83966a2f27b59d1161b4a) · 2023-08-29

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Our study employs a [systematic review](https://www.sciencedirect.com/topics/psychology/systematic-literature-review) process. Consequently, to ensure the integrity of our sample, we follow [Liang et al. (2016)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b132), [Linnenluecke et al. (2020)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b133), [Jiang et al. (2021)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b107), and [Yue et al. (2021)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b193), and focus our search in Web of Science database (WoS).

As Satoshi Nakamoto, in late 2008, was the first to contribute to [cryptocurrency](https://www.sciencedirect.com/topics/economics-econometrics-and-finance/cryptocurrency) literature, we use that initial landmark as a reference date for our study and searched the WoS database from the 1/1/2009 to 04/11/2021.

In our systematic review process we adopted and adapted the systematic review protocol from [Briner and Denyer (2012, p. 121)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b40) presented in [Table 1](https://www.sciencedirect.com/science/article/pii/S2214635022001071#tbl1).

In contrast to other authors such as [Flori (2019a)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b72), [Kyriazis et al. (2020)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b124), [Haq et al. (2021)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b97), [Jalal et al. (2021)](https://www.sciencedirect.com/science/article/pii/S2214635022001071#b105), our approach considers a broader keyword scope since we do not consider restrictive words regarding investor behavior and [behavioral finance](https://www.sciencedirect.com/topics/economics-econometrics-and-finance/behavioural-finance) in the cryptocurrency market. Therefore, the selected keywords in our review are: “Cryptocurrency”, “Cryptocurrencies”, “Bitcoin”, “Portfolio diversification”, “Investment”, “Investor”, “investors”, and “Alternative investment”. However, when we applied the Boolean operators and wildcard characters to the selected keywords, the following research equation emerged: “cryptocurrenc\* OR [Bitcoin](https://www.sciencedirect.com/topics/economics-econometrics-and-finance/bitcoin) AND diversification AND portfolio AND invest\* AND alternative” as evidenced in [Table 1](https://www.sciencedirect.com/science/article/pii/S2214635022001071#tbl1). The search equation focused on the “topic” option that searches within the title, abstract, author keywords and keyword plus. Additionally, we applied our quality criteria. We included only English-written academic journals that addressed the topic of cryptocurrencies from the investor or investment perspective from the Academic Journal Guide ABS (Association of Business Schools) list of 2021.

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*Originally published on [Untitled](https://paragraph.com/@0x933b43bac3e7241f79f83966a2f27b59d1161b4a/methodology)*