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

Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin
Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin
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.
0165-1765
32-36
Cheah, Eng-Tuck
298800de-521f-4aa8-9c04-2f58eece4c6e
Fry, John
7b5c4baa-9f23-4245-9fad-4fb3c0e6a1c3
Cheah, Eng-Tuck
298800de-521f-4aa8-9c04-2f58eece4c6e
Fry, John
7b5c4baa-9f23-4245-9fad-4fb3c0e6a1c3

Cheah, Eng-Tuck and Fry, John (2015) Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32-36. (doi:10.1016/j.econlet.2015.02.029).

Record type: Article

Abstract

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.

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More information

Accepted/In Press date: 19 February 2015
e-pub ahead of print date: 27 February 2015
Published date: May 2015
Organisations: Banking & Finance

Identifiers

Local EPrints ID: 410439
URI: https://eprints.soton.ac.uk/id/eprint/410439
ISSN: 0165-1765
PURE UUID: df8bc1bd-bfb6-4a90-8d3d-ff21cd90b1c2
ORCID for Eng-Tuck Cheah: ORCID iD orcid.org/0000-0003-2953-3815

Catalogue record

Date deposited: 08 Jun 2017 16:31
Last modified: 19 Jul 2019 18:18

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