The Economics of BitCoin Price Formation

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.

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Year of publication:	2014
Authors:	Ciaian, Pavel ; Rajcaniova, Miroslava ; Kancs, d'Artis
Publisher:	Brussels : Economics and Econometrics Research Institute (EERI)
Subject:	BitCoin \| exchange rate \| supply-demand fundamentals \| financial indicators \| attractiveness

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Series:	EERI Research Paper Series ; 08/2014
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	866820833 [GVK] hdl:10419/142671 [Handle] RePEc:eei:rpaper:EERI_RP_2014_08 [RePEc]
Classification:	E31 - Price Level; Inflation; Deflation ; E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System ; G12 - Asset Pricing
Source:	EconStor

Persistent link: https://www.econbiz.de/10011496212