Title:
Stakeholder Salience in the Cryptocurrency Ecosystem

Authors:
David Hope Kanu, USA

Abstract:

Since Satoshi Nakamoto's emergence of the cryptocurrency concept in 2008, new crypto-like coins have been constantly created. This multiplicity of cryptocurrencies in the global financial system and their decentralized nature without government backing raises questions about who and what matters in the cryptocurrency ecosystem. This study aims to identify the stakeholders in the cryptocurrency ecosystem, their priority, and their influence in the crypto space value creation proposition using Mitchell et al. (1997) stakeholder salient model.  The study utilized a hybrid research methodology, comprising a literature review and a Venn diagram, to analyse and apply the stakeholder salient model to the cryptocurrency ecosystem. The study results identified cryptocurrency creators, blockchain developers, government, cryptocurrency exchanges, cryptocurrency market makers, investors, miners, and ordinary citizens as stakeholders in the cryptocurrency ecosystem. The cryptocurrency ecosystem stakeholders were categorized into definitive, dominant, dependent, and demanding stakeholders, with cryptocurrency creators, blockchain developers, and the government identified as the most salient stakeholders in the cryptocurrency ecosystem. The study concludes that cryptocurrency creators cannot exist in isolation from the blockchain developer or the government; therefore, they should regard each other as key partners within the cryptocurrency ecosystem with frequent high-level policy decision meetings, personalized communication, and involve each other in critical decision-making in the cryptocurrency ecosystem value proposition.

DOI: https://doi.org/10.51505/IJEBMR.2025.9216