Arbeitspapier
Another Look at Cryptocurrency Bubbles
This paper deals with cryptocurrency bubbles. First, it points out that a number of recent papers on cryptocurrency bubbles are awed due to an insufficient consideration of the fundamental value of cryptocurrencies. As even fiat money is said to exhibit features of bubbles, the same applies to cryptocurrencies. Thus, any empirical investigation into either the presence of cryptocurrency bubbles or the fundamental value of cryptocurrencies is needless. Second, the paper conducts a short empirical analysis into the relationship of the prices of Etherum and Bitcoin. Evidence of explosive periods is found in the price of Etherum even if this price is expressed in terms of Bitcoin rather than US Dollars. These periods, however, are found to be in the first half of 2016 and 2017, respectively, but not during the price peak period of Bitcoin witnessed end of 2017 and beginning of 2018.
- Language
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Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 7743
- Classification
-
Wirtschaft
Hypothesis Testing: General
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Monetary Policy
Asset Pricing; Trading Volume; Bond Interest Rates
- Subject
-
cryptocurrencies
bubbles
bitcoin
Etherum
fundamental value
intrinsic value
fiat money
- Event
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Geistige Schöpfung
- (who)
-
Gronwald, Marc
- Event
-
Veröffentlichung
- (who)
-
Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2019
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Gronwald, Marc
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2019
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