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Betting on Bitcoin: Does gambling volume on the blockchain explain Bitcoin price changes?

Thomas Conlon () and Richard J. McGee

Economics Letters, 2020, vol. 191, issue C

Abstract: We measure lottery appetite using historical gaming transaction data of Bitcoin holders. Changes in the volume spent on the most lottery-like gambling wallet explain 32% of variation in the returns to the BTC price pre-2016, but this effect disappears post-2016.

Keywords: Blockchain; Bitcoin; Gambling; Lottery (search for similar items in EconPapers)
JEL-codes: G12 G14 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:191:y:2020:i:c:s0165176519303659

DOI: 10.1016/j.econlet.2019.108727

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