What Does Bitcoin Look Like?

Jamal Bouoiyour () and Refk Selmi

Annals of Economics and Finance, 2015, vol. 16, issue 2, 449-492

Abstract: The paper seeks to address what Bitcoin looks like. Specifically, we attempt to identify the main determinants of Bitcoin price by means of rigorous evaluation through ARDL Bounds Testing method. Our findings reveal the extremely speculative behavior of Bitcoin, its partial usefulness in trade trans- actions without overlooking its dependence to the Shangai stock market and the hash rate. There is no sign of Bitcoin being a safe haven. Taking a step further, we re-investigate the focal link by accounting for the Chinese trad- ing bankruptcy. The results appear fairly robust. Bitcoin is still perceived as speculative foolery and thus far from being a long-term promise.

Keywords: Bitcoin; Speculation; Trade transactions; Safe haven; Shangai stock market; Hash rate; ARDL Bounds Testing approach (search for similar items in EconPapers)
JEL-codes: E5 F39 F65 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (140)

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