期刊
APPLIED ECONOMICS
卷 48, 期 19, 页码 1799-1815出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/00036846.2015.1109038
关键词
BitCoin; exchange rate; supply and demand; financial indicators; financial investment
类别
资金
- Slovak Ministry of Education [APVV-0894-11, VEGA1/0830/13]
This is the first article that studies BitCoin price formation by considering both the traditional determinants of currency price, e.g., market forces of supply and demand, and digital currencies specific factors, e.g., BitCoin attractiveness for investors and users. The conceptual framework is based on the Barro (1979) model, from which we derive testable hypotheses. Using daily data for five years (2009-2015) and applying time-series analytical mechanisms, we find that market forces and BitCoin attractiveness for investors and users have a significant impact on BitCoin price but with variation over time. Our estimates do not support previous findings that macro-financial developments are driving BitCoin price in the long run.
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