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The Economics of BitCoin Price Formation

Pavel Ciaian, Miroslava Rajcaniova () and d'Artis Kancs

Papers from arXiv.org

Abstract: This paper analyses the relationship between BitCoin price and supply-demand fundamentals of BitCoin, global macro-financial indicators and BitCoin attractiveness for investors. Using daily data for the period 2009-2014 and applying time-series analytical mechanisms, we find that BitCoin market fundamentals and BitCoin attractiveness for investors have a significant impact on BitCoin price. Our estimates do not support previous findings that the macro-financial developments are driving BitCoin price.

Date: 2014-05
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http://arxiv.org/pdf/1405.4498 Latest version (application/pdf)

Related works:
Journal Article: The economics of BitCoin price formation (2016) Downloads
Working Paper: The Economics of BitCoin Price Formation (2014) Downloads
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