What drives Bitcoin price?
The cryptocurrencies increased in popularity and have become nowadays well known to a wide audience. This article seeks to assess the issue of Bitcoin price formation from a novel perspective. We use a new technique called Empirical Mode Decomposition (EMD) with which a complicated data set can be disentangled into a small number of independent and concretely implicational intrinsic modes that admit well-behaved Hilbert transforms. Even though Bitcoin is usually labelled as a purely speculative asset, EMD views that it is extremely driven by long-term fundamentals (above one year)
Volume (Year): 36 (2016)
Issue (Month): 2 ()
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- Bouoiyour, Jamal & Selmi, Refk & Tiwari, Aviral, 2014. "Is Bitcoin business income or speculative bubble? Unconditional vs. conditional frequency domain analysis," MPRA Paper 59595, University Library of Munich, Germany.
- Pavel Ciaian & Miroslava Rajcaniova & d'Artis Kancs, 2014.
"The Economics of BitCoin Price Formation,"
EERI Research Paper Series
EERI RP 2014/08, Economics and Econometrics Research Institute (EERI), Brussels.
- Jamal Bouoiyour & Refk Selmi, 2015. "What Does Bitcoin Look Like?," Annals of Economics and Finance, Society for AEF, vol. 16(2), pages 449-492, November.
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