What drives Bitcoin price?
Jamal Bouoiyour (),
Refk Selmi (),
Aviral Tiwari () and
Olaolu Richard Olayeni ()
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Olaolu Richard Olayeni: Obafemi Awolowo University
Economics Bulletin, 2016, vol. 36, issue 2, 843-850
The cryptocurrencies increased in popularity and have become nowadays well known to a wide audience. This article seeks to assess the issue of Bitcoin price formation from a novel perspective. We use a new technique called Empirical Mode Decomposition (EMD) with which a complicated data set can be disentangled into a small number of independent and concretely implicational intrinsic modes that admit well-behaved Hilbert transforms. Even though Bitcoin is usually labelled as a purely speculative asset, EMD views that it is extremely driven by long-term fundamentals (above one year)
Keywords: Bitcoin price; drivers; Empirical Mode Decomposition. (search for similar items in EconPapers)
JEL-codes: F3 E3 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-16-00311
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