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

被引：746

作者：

Cheah, Eng-Tuck ^{[1
]}

Fry, John ^{[1
]}

机构：

[1] Univ Sheffield, Sch Management, Sheffield S10 1FL, S Yorkshire, England

来源：

ECONOMICS LETTERS | 2015年 / 130卷

关键词：

Bitcoin; Cryptocurrencies; Bubbles; Econophysics; CRASHES; MONEY; STATE;

D O I：

10.1016/j.econlet.2015.02.029

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：32 / 36

页数：5

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