Please use this identifier to cite or link to this item: 
Year of Publication: 
[Journal:] Financial Innovation [ISSN:] 2199-4730 [Volume:] 3 [Issue:] 3 [Publisher:] Springer [Place:] Heidelberg [Year:] 2017 [Pages:] 1-13
Springer, Heidelberg
Background: Bitcoin, the most innovate digital currency as of now, created since 2008, even through experienced its ups and downs, still keeps drawing attentions to all parts of society. It relies on peer-to-peer network, achieved decentralization, anonymous and transparent. As the most representative digital currency, people curious to study how Bitcoin' price changes in the past. Methods: In this paper, we use monthly data from 2011 to 2016 to build a VEC model to exam how economic factors such as Custom price index, US dollar index, Dow jones industry average, Federal Funds Rate and gold price influence Bitcoin price. Result: From empirical analysis we find that all these variables do have a long-term influence. US dollar index is the biggest influence on Bitcoin price while gold price influence the least. Conclusion:From our result, we conclude that for now Bitcoin can be treated as a speculative asset, however, it is far from being a proper credit currency.
Bitcoin price
Gold price
US dollar index
VEC model
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 

Files in This Item:

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.