The evolution and future potential of cryptocurrencies in the financial system: A multidimensional analysis

This thesis aims to analyze the evolutionary development and future potential of crypto assets within the framework of digitalized financial systems through a multidimensional approach. The historical evolution of crypto assets, their adoption as investment instruments, and their comparative risk–return profiles against traditional financial assets are examined. To evaluate the econometric suitability of the dataset, preliminary diagnostic tests were conducted, including stationarity, normality, autocorrelation, and heteroskedasticity assumptions (ADF, Jarque–Bera, Durbin–Watson, Breusch – Godfrey, Ljung–Box, and ARCH–LM tests). The dataset consists of daily market data for the 2020–2024 period, and crypto assets' investment behavior was analyzed using logarithmic returns, volatility, correlation, regression, and GARCH(1,1) models. Furthermore, the systemic position of crypto assets is discussed within the framework of increasing institutional investor interest, central bank digital currencies (CBDCs), and global regulatory trends. The findings indicate that crypto assets are not only alternative investment instruments but also structures capable of playing a strategic role in the restructuring of the financial system. Despite high volatility, persistent investor interest reflects a structural transformation in individual and institutional portfolio preferences. The study concludes that crypto assets are positioned at the center of financial innovation and will play a decisive role in shaping the future architecture of the global financial system.