Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic

被引:161
作者
Corbet, Shaen [1 ,2 ]
Hou, Yang [2 ]
Hu, Yang [2 ]
Larkin, Charles [3 ,4 ,5 ]
Oxley, Les [2 ]
机构
[1] Dublin City Univ, DCU Business Sch, Dublin 9, Ireland
[2] Univ Waikato, Sch Accounting Finance & Econ, Hamilton, New Zealand
[3] Univ Bath, Inst Policy Res, Bath, Avon, England
[4] Trinity Coll Dublin, Trinity Business Sch, Dublin 2, Ireland
[5] Johns Hopkins Univ, Kreiger Sch Arts & Sci, Baltimore, MD USA
关键词
COVID-19; Pandemic; Sentiment; Cryptocurrency; Safe-haven; Financial crisis; BITCOIN;
D O I
10.1016/j.econlet.2020.109377
中图分类号
F [经济];
学科分类号
02 ;
摘要
Controlling for the polarity and subjectivity of social media data based on the development of the COVID-19 outbreak, we analyse the relationships between the largest cryptocurrencies and such time varying realisation as to the scale of the economic shock centralised within the rapidly-escalating pandemic. We find evidence of significant growth in both returns and volumes traded, indicating that large cryptocurrencies acted as a store of value during this period of exceptional financial market stress. Further, cryptocurrency returns are found to be significantly influenced by negative sentiment relating to COVID-19. While not only providing diversification benefits for investors, results suggest that these digital assets acted as a safe-haven similar to that of precious metals during historic crises. (C) 2020 Elsevier B.V. All rights reserved.
引用
收藏
页数:7
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