 Does Bitcoin follow the hypothesis of efficient market?Jakub Bartos ()
International Journal of Economic Sciences, 2015, vol. 4, issue 2, 10-23 Abstract: Bitcoin has emerged as phenomenon of the financial markets as the currency without any central authority. Recent events of Bitcoin has risen question about its behavior and there is crucial question if the price of Bitcoin follows hypothesis of efficient markets. In this paper, there are introduced the main features of Bitcoin and analyzed its price behavior. We found out that price of the most famous cryptocurrency Bitcoin follows the hypothesis of efficient markets and it immediately react on publicly announce information. Furthermore, Bitcoin can be seen as standard economic good that is priced by interaction of supply and demand on the market. These factors can be driven by macro financial development or by speculative investors, but there weren?t found any significant impact of these factors on price of Bitcoin. Keywords: Cryptocurrencie; Bitcoin; Financial market (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:sek:jijoes:v:4:y:2015:i:2:p:10-23 Access Statistics for this article International Journal of Economic Sciences is currently edited by Robert Holman More articles in International Journal of Economic Sciences from International Institute of Social and Economic Sciences |
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