Bitcoin Futures-What use are they?

被引：176

作者：

Corbet, Shaen ^{[1
]}

Lucey, Brian ^{[2
]}

Peat, Maurice ^{[3
]}

Vigne, Samuel ^{[4
]}

机构：

[1] Dublin City Univ, DCU Business Sch, Dublin 9, Ireland

[2] Trinity Coll Dublin, Trinity Business Sch, Dublin 2, Ireland

[3] Univ Sydney, Business Sch, Sydney, NSW, Australia

[4] Queens Univ Belfast, Queens Management Sch, Belfast BT9 5EE, Antrim, North Ireland

来源：

ECONOMICS LETTERS | 2018年 / 172卷

关键词：

Bitcoin; Cryptocurrencies; Futures markets; Volatility; Speculative assets; Currencies; STOCK INDEX FUTURES; PRICE DISCOVERY; VOLATILITY;

D O I：

10.1016/j.econlet.2018.07.031

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Early analysis of Bitcoin concluded that it did not meet the economic conditions to be classified as a currency. Since this conclusion, interest in Bitcoin has increased substantially. We investigate whether the introduction of futures trading in Bitcoin is able to resolve the issues that stopped Bitcoin from being considered a currency. Our analysis shows that spot volatility has increased following the appearance of futures contracts, that futures contracts are not an effective hedging instrument, and that price discovery is driven by uninformed investors in the spot market. We therefore argue that the conclusion that Bitcoin is a speculative asset rather than a currency is not altered by the introduction of futures trading. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：23 / 27

页数：5

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