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Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin
Cheah, E-T. Fry, John
Cheah, E-T.
Fry, John
Publication Date
2015-05
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© 2015 Elsevier B.V. All rights reserved. Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license.
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openAccess
Accepted for publication
19/02/2015
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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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Accepted manuscript
Citation
Cheah E-T and Fry J (2015) Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters. 130: 32-36.
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Article