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The economics of BitCoin price formation

Journal Contribution - Journal Article

This paper analyses the relationship between BitCoin price and supply-demandfundamentals of BitCoin, global macro-financial indicators and BitCoinattractiveness for investors. Using daily data for the period 2009-2014 andapplying time-series analytical mechanisms, we find that BitCoin marketfundamentals and BitCoin attractiveness for investors have a significant impacton BitCoin price. Our estimates do not support previous findings that themacro-financial developments are driving BitCoin price.
Journal: Applied Economics
ISSN: 0003-6846
Issue: 19
Volume: 48
Pages: 1799 - 1815
Number of pages: 17
Publication year:2016