Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin

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.

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Year of publication:	2015
Authors:	Cheah, Eng-Tuck ; Fry, John
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 130.2015, C, p. 32-36
Publisher:	Elsevier
Subject:	Bitcoin \| Cryptocurrencies \| Bubbles \| Econophysics

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Type of publication:	Article
Classification:	C1 - Econometric and Statistical Methods: General ; E4 - Money and Interest Rates ; G1 - General Financial Markets
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011263425