Arbeitspapier
The Bitcoin-macro disconnect
This paper investigates the link between Bitcoin and macroeconomic fundamentals by estimating the impact of macroeconomic news on Bitcoin using an event study with intraday data. The key result is that, unlike other U.S. asset classes, Bitcoin is orthogonal to monetary and macroeconomic news. This disconnect is puzzling as unexpected changes in discount rates should, in principle, affect the price of Bitcoin even when interpreting Bitcoin as a purely speculative asset.
- Language
-
Englisch
- Bibliographic citation
-
Series: Staff Report ; No. 1052
- Classification
-
Wirtschaft
- Subject
-
Bitcoin
U.S. asset prices
high-frequency data
monetary surprises
macroeconomic announcements
- Event
-
Geistige Schöpfung
- (who)
-
Benigno, Gianluca
Rosa, Carlo
- Event
-
Veröffentlichung
- (who)
-
Federal Reserve Bank of New York
- (where)
-
New York, NY
- (when)
-
2023
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the 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
- Benigno, Gianluca
- Rosa, Carlo
- Federal Reserve Bank of New York
Time of origin
- 2023
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