Bitcoin price formation: an empirical investigation
Created in 2008 and rising to prominence in 2017, Bitcoin continues to generate controversy as to whether it is a speculative asset or the harbinger of a future of global, decentralized commerce. The focus of this paper is to investigate the properties of Bitcoin and its market by assessing asset specific factors (users, hash rate, etc.) and traditional market factors (market risk, currency risk, etc.). The objective is to quantify the impacts of these forces as drivers of Bitcoin returns and to develop a risk measurement framework with the potential to inform future use cases. The analysis is ...
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