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The Economics of BitCoin Price Formation

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

No EERI RP 2014/08, EERI Research Paper Series from Economics and Econometrics Research Institute (EERI), Brussels

Abstract: This paper analyses the relationship between BitCoin price and supply-demand fundamentals of BitCoin, global macro-financial indicators and BitCoin’s 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’s 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.

Keywords: BitCoin; exchange rate; supply-demand fundamentals; financial indicators; attractiveness (search for similar items in EconPapers)
JEL-codes: E31 E42 G12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2014-01-08
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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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