Bitcoin and the First Wave of COVID-19

John W. Goodell and Stéphane Goutte

Chapter 3 in COVID-19 Pandemic and Energy Markets:Commodity Markets, Cryptocurrencies and Electricity Consumption under the COVID-19, 2021, pp 33-41 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Extending the time period of Goodell and Goutte (2020), we apply wavelet methods to daily data of COVID-19 world deaths and daily Bitcoin prices from December 31, 2019 to August 31, 2020. We confirm Goodell and Goutte (2020) for an extended period by evidencing a positive correlation between levels of COVID-19 and Bitcoin prices, suggesting Bitcoin as a safe haven investment. Investigations such as this are important to both scholars and policy-makers, as well as investment professionals interested in the financial implications of both COVID-19 and cryptocurrencies.

Keywords: COVID-19; Vaccines; ANCOVA; Carbon Emissions; Natural Gas; Crude Oil; Market Co-Movement; Cryptocurrencies; CO2 Emissions; Financial Volatility; VIX; Bitcoin; Gold Oil Price War; Health Crisis; S&P GS Commodity Index; Consumption of Electricity; The Behavior of Electricity Consumption; Social Interactivity; Flow State; Energy Consumption Culture; Life Style; Teleworking; De-globalization; Eating Habits (search for similar items in EconPapers)
JEL-codes: Q43 Q5 (search for similar items in EconPapers)
Date: 2021
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