Bitcoin investments and climate change: A financial and carbon intensity perspective

被引：33

作者：

Baur, Dirk G. ^{[1
]}

Oll, Josua ^{[2
]}

机构：

[1] Univ Western Australia, Nedlands, WA, Australia

[2] Carl von Ossietzky Univ Oldenburg, Oldenburg, Germany

来源：

FINANCE RESEARCH LETTERS | 2022年 / 47卷

关键词：

Cryptocurrencies; Bitcoin; Carbon emissions; Climate change; Carbon intensity; Mean-variance analysis; ENERGY; DIVERSIFICATION;

D O I：

10.1016/j.frl.2021.102575

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Climate-related criticism of Bitcoin is primarily based on the network's absolute carbon emissions, without considering its market value. Taking a relative emission perspective and utilizing the mean-variance portfolio optimization framework, we study the financial and carbon-related implications of Bitcoin investments. The results of our in-sample analysis show that adding Bitcoin to a diversified equity portfolio can both enhance the risk-return relationship of the portfolio and reduce the portfolio's aggregate carbon emissions. This finding persists under various assumptions regarding Bitcoin prices, carbon emission estimates, and carbon prices.

引用

页数：8

共 37 条

[1] The influence of Bitcoin on portfolio diversification and design [J].