Arbeitspapier
Equilibrium bitcoin pricing
We offer an equilibrium model of cryptocurrency pricing and confront it to new data on bitcoin transactional benefits and costs. The model emphasises that the fundamental value of the cryptocurrency is the stream of net transactional benefits it will provide, which depend on its future prices. The link between future and present prices implies that returns can exhibit large volatility, unrelated to fundamentals. We construct an index measuring the ease with which bitcoins can be used to purchase goods and services, and we also measure costs incurred by bitcoin owners. Consistent with the model, estimated transactional net benefits explain a statistically signicant fraction of bitcoin returns.
- Language
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Englisch
- Bibliographic citation
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Series: EconPol Working Paper ; No. 48
- Classification
-
Wirtschaft
- Subject
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Virtuelle Währung
Kosten-Nutzen-Analyse
Gleichgewichtsmodell
- Event
-
Geistige Schöpfung
- (who)
-
Biais, Bruno
Bisière, Christophe
Bouvard, Matthieu
Casamatta, Catherine
Menkveld, Albert J.
- Event
-
Veröffentlichung
- (who)
-
ifo Institute - Leibniz Institute for Economic Research at the University of Munich
- (where)
-
Munich
- (when)
-
2020
- 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
- Biais, Bruno
- Bisière, Christophe
- Bouvard, Matthieu
- Casamatta, Catherine
- Menkveld, Albert J.
- ifo Institute - Leibniz Institute for Economic Research at the University of Munich
Time of origin
- 2020
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