Fry, J. and Cheah, E-T. (2015) Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130. pp. 32-36. ISSN 1873-7374
Abstract
Amid its rapidly increasing usage and immense public interest the subject of Bitcoin has raised profound economic and societal issues. In this paper we undertake economic and econometric modelling of Bitcoin prices. As with many asset classes we show that Bitcoin exhibits speculative bubbles. Further, we find empirical evidence that the fundamental price of Bitcoin is zero.
Metadata
Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2015 Elsevier B.V. This is an author produced version of a paper subsequently published in Economics Letters. Uploaded in accordance with the publisher's self-archiving policy. Article distributed under the CC-BY-NC-ND licence (https://creativecommons.org/licenses/by-nc-nd/3.0/) |
Keywords: | Bitcoin; Cryptocurrencies; Bubbles; Econophysics |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Management School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 23 Jun 2015 08:46 |
Last Modified: | 27 Feb 2018 01:38 |
Published Version: | http://dx.doi.org/10.1016/j.econlet.2015.02.029 |
Status: | Published |
Publisher: | Elsevier |
Refereed: | Yes |
Identification Number: | https://doi.org/10.1016/j.econlet.2015.02.029 |