Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/142671
Authors: 
Ciaian, Pavel
Rajcaniova, Miroslava
Kancs, d'Artis
Year of Publication: 
2014
Series/Report no.: 
EERI Research Paper Series 08/2014
Abstract: 
This paper analyses the relationship between BitCoin price and supply-demand fundamentals of BitCoin, global macro-financial indicators and BitCoin’s attractiveness for investors. Using daily data for the period 2009-2014 and applying time-series analytical mechanisms, we find that BitCoin market fundamentals and BitCoin’s attractiveness for investors have a significant impact on BitCoin price. Our estimates do not support previous findings that the macro-financial developments are driving BitCoin price.
Subjects: 
BitCoin
exchange rate
supply-demand fundamentals
financial indicators
attractiveness
JEL: 
E31
E42
G12
Document Type: 
Working Paper

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