Bitcoin: Medium of exchange or speculative assets?
Bitcoin: Medium of exchange or speculative assets?
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DOI：
10.1016/j.intfin.2017.12.004
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发表时间：
2018-05-01
影响因子：
4
通讯作者：
Lee, Adrian D.
中科院分区：
文献类型：
--
作者：
Baur, Dirk G.;Hong, KiHoon;Lee, Adrian D.
比特币被定义为分散的点对点支付网络中的数字货币。它是法定货币和商品货币的混合体，没有内在价值，独立于任何政府或货币当局。本文分析了比特币是一种交换媒介还是一种资产的问题，更具体地说，它目前的用途是什么，以及考虑到它的特点，未来会有什么样的用途。我们分析了比特币的统计特性，发现它与股票、债券和大宗商品等传统资产类别在正常时期和金融动荡时期都不相关。对比特币账户交易数据的分析表明，比特币主要被用作投机性投资，而不是替代货币和交换媒介。(C)2017爱思唯尔B.V.保留所有权利。
Bitcoin is defined as digital money within a decentralized peer-to-peer payment network. It is a hybrid between fiat currency and commodity currency without intrinsic value and independent of any government or monetary authority. This paper analyses the question of whether Bitcoin is a medium of exchange or an asset and more specifically, what is its current usage and what usage will prevail in the future given its characteristics. We analyse the statistical properties of Bitcoin and find that it is uncorrelated with traditional asset classes such as stocks, bonds and commodities both in normal times and in periods of financial turmoil. The analysis of transaction data of Bitcoin accounts shows that Bitcoins are mainly used as a speculative investment and not as an alternative currency and medium of exchange. (C) 2017 Elsevier B.V. All rights reserved.