The bitcoin: a sparkling bubble or price discovery?

被引：0
作者：
Imad A. Moosa
机构：
[1] RMIT,School of Economics, Finance and Marketing
来源：
Journal of Industrial and Business Economics | 2020年 / 47卷
关键词：
Bitcoin; Cryptocurrencies; Bubbles price discovery; Fundamental value; G11; G12; G14;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
The phenomenal rise in the price of bitcoin, prior to the trend reversal of early 2018, resembles a bubble as spectacular as any other bubble. A mere observation of the price rise and a comparison with the common characteristics of a bubble provide anecdotal evidence for the bitcoin bubble. Based on price and volume data up to the end of November 2017, formal empirical evidence is presented by using procedures that do not require the estimation of a fundamental value for bitcoin. The empirical evidence shows that (i) the volume of trading can be explained predominantly in terms of price dynamics; (ii) trading in bitcoin is based exclusively on technical considerations pertaining to past price movements, particularly positive price changes; and (iii) the price of bitcoin is an explosive process. These findings are interpreted to imply a price bubble.
引用
收藏
页码：93 / 113
页数：20
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