Does the introduction of futures improve the efficiency of Bitcoin?

Gerrit Köchling, Janis Müller and Peter Posch

Finance Research Letters, 2019, vol. 30, issue C, 367-370

Abstract: The introduction of futures on Bitcoin eases the access of institutional investors to the market and offers an efficient way to short the cryptocurrency. We investigate the effect of this event on the market’s price efficiency and find the Bitcoin market to turn efficient. We conduct commonly used tests for market efficiency and check the robustness of our results by investigating Bitcoin Cash, a hard fork of Bitcoin, where we do not find a change in market’s efficiency.

JEL-codes: G12 G14 G23 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (40)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:30:y:2019:i:c:p:367-370

DOI: 10.1016/j.frl.2018.11.006

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