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Bubbles and rationality in bitcoin

George Waters ()

Economic Notes, 2019, vol. 48, issue 2

Abstract: Periodically collapsing rational bubbles model speculative demand in asset markets. The price and quantity of bitcoin are integrated of different orders, which is evidence of a bubble. Cointegration tests that allow for the potential presence of such bubbles with alternative proxies for fundamentals cannot reject a bubble in bitcoin.

Date: 2019
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Handle: RePEc:bla:ecnote:v:48:y:2019:i:2:n:e12133