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Articles 1 - 23 of 23
Full-Text Articles in Finance
Second-Layer Money Or Fiduciary Media? A Full-Reserve Critique Of Bitcoin Price Stabilization: A Comment On Blasco And García De Enterría, Philipp Bagus, Joel Serrano
Second-Layer Money Or Fiduciary Media? A Full-Reserve Critique Of Bitcoin Price Stabilization: A Comment On Blasco And García De Enterría, Philipp Bagus, Joel Serrano
Journal of New Finance
This article critically examines Blasco and García de Enterría’s proposal that certain Bitcoin-denominated second-layer instruments—real bills, private scrip, and cash notes—could reduce Bitcoin’s short-term volatility and function as media of exchange. From a full-reserve Austrian perspective, it argues that the relevant distinction is not between base money and higher layers as such, but, within those layers, between fully backed monetary certificates and fiduciary media. Although second-layer instruments may smooth short-term volatility, those that operate as fiduciary media introduce counterparty risk, redemption risk, and credit expansion unsupported by real saving, potentially generating long-term instability.
Exploring Private And Governmental Interest In Bitcoin, Mina Khadem
Exploring Private And Governmental Interest In Bitcoin, Mina Khadem
Undergraduate Theses, Capstones, and Recitals
Regardless of one’s opinion, Bitcoin’s presence in the global economy is growing. However, Bitcoin’s emerging role and its implications are greatly under-researched, particularly in the context of government interest in Bitcoin. Nonetheless, increased private investment in Bitcoin and increased government interest in formally incorporating Bitcoin into existing economic systems, suggest a new development within the global economy that must be investigated. Through qualitative text analysis of pro-Bitcoin narratives presented in digital media platforms and official government policies and public statements, this thesis explores how private and government interest in Bitcoin is explained and framed within these contexts. This study finds …
A New Value Investment Formula For Turing Complete Blockchains With Proof Of Stake Algorithm, Francesco Spinoglio
A New Value Investment Formula For Turing Complete Blockchains With Proof Of Stake Algorithm, Francesco Spinoglio
Journal of New Finance
This paper proposes an adaptation of Benjamin Graham's value investment formula to the context of Turing complete blockchains with proof-of-stake (PoS) consensus algorithm. The research examines the specific characteristics of these blockchains, taking into account metrics such as total value locked (TVL), Network Value to Transaction Ratio (NVT), average benchmark reward rate and annual rewards received for staking. A methodology will be developed that integrates Graham's fundamental principles with the economic and technical particularities of the crypto ecosystem, providing a robust framework for the evaluation of digital assets in these innovative environments.
Optimizing Bitcoin Allocation: Predictability Of Bitcoin Portfolio Weights Through Macroeconomic Variables, Kirby Baynes
Optimizing Bitcoin Allocation: Predictability Of Bitcoin Portfolio Weights Through Macroeconomic Variables, Kirby Baynes
CMC Senior Theses
This thesis examines whether Bitcoin is a beneficial asset in a diversified, mean-variance optimized portfolio and whether its portfolio weights can be reliably predicted using macroeconomic variables. Using data from December 2013 to February 2025, the analysis applies rolling-window portfolio optimization and OLS regressions with Newey-West standard errors to test the relationship between Bitcoin allocations and a set of macroeconomic indicators. Results show that Bitcoin receives non-zero weights across portfolios and that its optimal allocation is sensitive to variables such as changes in the Credit Spread and Yield Curve. These variables were statistically significant in several models and produced meaningful …
Cross-Exchange Crypto Risk: A High-Frequency Dynamic Network Perspective, Yifu Wang, Wanbo Lu, Min-Bin Liu, Rui Ren, Wolfgang Karl Hardle
Cross-Exchange Crypto Risk: A High-Frequency Dynamic Network Perspective, Yifu Wang, Wanbo Lu, Min-Bin Liu, Rui Ren, Wolfgang Karl Hardle
Sim Kee Boon Institute for Financial Economics
Cross-exchange crypto trading presents inherent risks, particularly for centralized exchanges. Investors observe exacerbating crypto volatility and counterparty risk and would like to quantify these elements of crypto trades. The multiple exchanges require a multivariate view on the structures of risk spillover across exchanges. Here, a Multivariate Heterogeneous AutoRegression (MHAR) model is designed and analyzed, accommodating the stylized facts of crypto markets, including 24/7 trading and the long-memory effect on return variations. The proposed MHAR approach clearly reveals the intensity of interconnectedness among exchanges during extreme events, e.g., the Bitcoin market. Additionally, one observes extremely volatile eigenvector centralities of Futures Exchange …
Concentrated Liquidity In Uniswap V3: A New Strategy To Optimize The Capital Bear Market, Francesco Spinoglio
Concentrated Liquidity In Uniswap V3: A New Strategy To Optimize The Capital Bear Market, Francesco Spinoglio
Journal of New Finance
This article aims to offer a new vision on concentrated liquidity in Uniswap V3 and how we can effectively optimize liquidity thanks to the new tools provided by the DeFi ecosystem. Since the concept of concentrated liquidity first appeared in 2021 with Uniswap V3, new tools have been emerging to improve the security of smart contracts and offer better incentives to liquidity providers. This paper aims to propose a liquidity strategy concentrated in DeFi in order to draw additional liquidity in times of quantitative tightening and high interest rates, while trying to optimize the choice of the range to mitigate …
Country Culture And Bitcoin Early Adoption, Wei Du, Z. Tingting Jia, Lei Zhu
Country Culture And Bitcoin Early Adoption, Wei Du, Z. Tingting Jia, Lei Zhu
Pennsylvania Economic Review
This paper investigates the relationship between national culture and the early adoption of Bitcoin. Utilizing a dataset comprised of Google Trends data on Bitcoin search interest for 64 countries, we construct measures of early Bitcoin adoption and examine their correlation with Hofstede's cultural dimension scores. Our findings reveal that in developed countries, lower Masculinity and Long-Term Orientation are associated with earlier Bitcoin adoption. In contrast, developing countries with lower Indulgence are found to adopt Bitcoin early. This paper contributes to the literature by highlighting how different cultural traits, moderated by a country's development status, can influence the Bitcoin early adoption.
Bitcoin And South African Stock Market Returns During Covid-19 Pandemic: A Test Of The Safe-Haven Hypothesis, Akaninyene U. Udom, Sopuru W. Nnamani
Bitcoin And South African Stock Market Returns During Covid-19 Pandemic: A Test Of The Safe-Haven Hypothesis, Akaninyene U. Udom, Sopuru W. Nnamani
CBN Journal of Applied Statistics (JAS)
This paper tests the safe-haven property of Bitcoin for South African stocks using Full and Diagonal BEKK-GARCH models. The study uses the Johannesburg stock exchange Top40 index, and bitcoin returns data before COVID-19 (August 2018 to December 2019) and during COVID-19 (January 2020 to June 2021). The results show that bitcoin cannot be considered as safe-haven for stocks in South Africa since it is weakly correlated with stock and had a high volatility during the Pandemic. Therefore, the safe-haven hypothesis of bitcoin on South African stocks is not true for the period under study. The policy implication is that bitcoin …
An Econometric Modeling Of Price Support: The Bitcoin Case, Levent Kutlu
An Econometric Modeling Of Price Support: The Bitcoin Case, Levent Kutlu
School of Economics and Finance Faculty Publications
In technical analysis, price support plays an important role. In line with the stochastic frontier analysis, we present a formal model to estimate the bottom price support for a stock or cryptocurrency. As an example, we examine Bitcoin's bottom price.
Modelling Sentiment And Trader Aggressiveness In Cryptocurrency Markets: An Empirical Analysis Of The Bitcoin Limit Order Book., Angelique Nicole Huei Yin Thang
Modelling Sentiment And Trader Aggressiveness In Cryptocurrency Markets: An Empirical Analysis Of The Bitcoin Limit Order Book., Angelique Nicole Huei Yin Thang
Dissertations and Theses Collection (Open Access)
Cryptocurrency assets are inherently susceptible to social sentiment. Due to emotional contagion, extreme emotions influence and drive traders’ order execution behaviour. This study aims to empirically model the relationship between sentiment and trader aggressiveness for two types of traders: Whales and Retails. Additionally, I uncover the mediating roles of momentum, mean reversion, and market timing underpinning the dynamics of the off-chain Bitcoin market. Time series data collected from the Coinbase level 3 Bitcoin limit order book is first reconstructed to access its core structure. Next, sentiment data from Reddit is extracted and processed using an internal Natural Language Processing pipeline. …
Striving Toward Bitcoin Price Stability: Second-Layer Money And The Case For Real Bills, Scrip & Notes, Eduardo Blasco, Carlos García De Enterría
Striving Toward Bitcoin Price Stability: Second-Layer Money And The Case For Real Bills, Scrip & Notes, Eduardo Blasco, Carlos García De Enterría
Journal of New Finance
Monetary systems comprise various layers of real and financial assets arranged hierarchically. Due to its properties, Bitcoin is a suitable asset to become the base money of a monetary system once its price has stabilized and people see it more like a medium of exchange than an investment. We review Bitcoin’s characteristics and explain their effect on its intra- and inter-temporal liquidity. We argue that Bitcoin will lower its bid-ask spread once users adopt financial assets convertible to Bitcoin. We propose the use of three financial assets working as Bitcoin derivatives to reduce Bitcoin’s demand shocks and lower its volatility: …
Bitcoin Price Dynamics: A Multiple Regression Analysis Of Market Variables, Zachary S. Biedscheid
Bitcoin Price Dynamics: A Multiple Regression Analysis Of Market Variables, Zachary S. Biedscheid
2023 Symposium
Bitcoin, a decentralized digital currency (property), has gained significant attention recently as a potential alternative to traditional financial systems. This research project aims to explore the market variables of Bitcoin by conducting a multiple regression analysis. The literature review highlights market dynamics and the impact of Bitcoin in economics and finance, specifically in banking and monetary systems. It explores Bitcoin's decentralized nature and limited supply as a more secure and stable form of money, contrasting it with the flaws and inefficiencies of centralized banking systems. The dataset provides information on the Bitcoin market from July 23, 2010, to April 16, …
Financial Institutions Continue To Adopt Crypto Despite Industry Turmoil, Andre Beganski
Financial Institutions Continue To Adopt Crypto Despite Industry Turmoil, Andre Beganski
Capstones
Even though this calamitous year has raised doubts about crypto's future, not a single large financial institution has backed away from their forays into digital assets. And despite a period of turmoil that’s seen the market value of all cryptocurrencies crater to under $880 billion from over $3 trillion, many sizable firms continue to view crypto as an emerging sector of finance and technology that’s rife with opportunity.
While financial firms have the potential to foster a widespread perception of cryptocurrencies as a legitimate asset class, their involvement runs counter to the intent of those who pioneered blockchain technology for …
The Cryptocurrency Participation Puzzle, Ran Duchin, David H. Solomon, Jun Tu, Xi Wang
The Cryptocurrency Participation Puzzle, Ran Duchin, David H. Solomon, Jun Tu, Xi Wang
Research Collection Lee Kong Chian School Of Business
We show that ongoing zero portfolio weights in cryptocurrency are surprisingly difficult to generate in a standard Bayesian portfolio theory framework. With ten years of prior data, equity market investors would need very pessimistic priors on mean returns to justify never having bought cryptocurrency: -10.6% per month for Bitcoin, and -19.6% per month for a diversified portfolio of cryptocurrencies. Moreover, most priors that involve never purchasing cryptocurrency imply that investors should short cryptocurrency. Optimal absolute weights are generally small but non-trivial (1-5%), frequently positive, and fairly smooth despite returns being volatile. Under a wide range of priors, the certainty equivalent …
The Curse Of Central Bank Digital Cash, Fernando Ulrich, Leonidas Zelmanovitz
The Curse Of Central Bank Digital Cash, Fernando Ulrich, Leonidas Zelmanovitz
Journal of New Finance
This paper surveys the consequences of Central Bank Digital Currencies (CBDC) on personal liberty and privacy. The Central Banks’ response to the advent of Bitcoin and other cryptocurrencies has profound implications for financial intermediation, monetary and fiscal policies, financial repression, and surveillance. More than allowing for meddling with money, a CBDC may enable meddling with human free will, posing grave threats to the preservation of freedom.
Regulating Bitcoin - On What Grounds?, William J. Luther
Regulating Bitcoin - On What Grounds?, William J. Luther
Journal of New Finance
This paper assesses costs and benefits of regulating Bitcoin. A review of the main justifications for regulating it shows that scope for efficient regulation is limited. Private governance structures and fee-based services have already begun addressing many of the known problems. Furthermore, since a regulation would discourage use, the costs—in terms of technological gains forgone—are potentially high. Nonetheless, there is scope for regulation, to ensure one has recourse in the event of theft, as long as the following are addressed: 1) provide a clear regulatory framework; 2) supervise transactions to dissuade crime, without compromising the medium; 3) regulate exchanges, rather …
Does Bitcoin Use Affect Crime Rates?, Kevin Keane
Does Bitcoin Use Affect Crime Rates?, Kevin Keane
The Corinthian
Bitcoin is the most widely used cryptocurrency in the world because of its decentralized network that completes user-to-user transactions, eliminating the need for intermediaries. During 2017, the volume of Bitcoin transactions totaled $94.3 trillion. Bitcoin transactions are recorded in a public database called the blockchain. Although the blockchain can keep track of how many transactions there are, it can’t identify the people involved in transactions. The lack of identity increases the anonymity of Bitcoin transactions, making it less detectable when used for crime. Using the Uniform Crime Reporting’s state-level crime rate data and blockchain’s Bitcoin transaction information, I estimate the …
New Kid On The Blockchain: The Rise Of Cryptocurrency In The Global Arena: Humanitarian Usage With Blockchain, Rhonda S. Binda
New Kid On The Blockchain: The Rise Of Cryptocurrency In The Global Arena: Humanitarian Usage With Blockchain, Rhonda S. Binda
Open Educational Resources
In 2018, the world was shaken by the fast rise of Bitcoin and other cryptocurrencies that use a decentralized, blockchain technology for payment transfers outside of the traditional banking system. The potential impact this alternative form of banking could have in the medium and long term on the over 2 billion people globally unbanked is tremendous. Additionally, blockchain itself is being used for value transfer combined with bio and genetic tagging technologies in refugee camps for example, bringing to rise a new era where technology for development is disrupting education, healthcare and security programs globally.
Hedge Fund Investment In Initial Coin Offerings (Icos), Adam B. Wing
Hedge Fund Investment In Initial Coin Offerings (Icos), Adam B. Wing
Honors Undergraduate Theses
Initial Coin Offerings (ICOs) came into worldwide attention in 2018, when over $11.6 billion flowed through them. The CME Group launched Bitcoin futures contracts in December 2017, giving large funds their first regulated exposure to digital assets. As digital assets move towards the mainstream of finance, institutional investors have followed. This study comparatively analyzes Hedge Fund investment in digital assets against that of other institutional investment firm types (Private Equity and Venture Capital) by analyzing their crypto holdings and rebuilding an equally weighted portfolio for each fund. Under these conditions, the study succeeds in finding significant differences between hedge fund …
Cryptocurrencies As An Alternative To Fiat Monetary Systems, David A. Georgeson
Cryptocurrencies As An Alternative To Fiat Monetary Systems, David A. Georgeson
Applied Economics Theses
The recent popularity of cryptocurrencies is largely associated with a particular application referred to as Bitcoin. Cryptocurrency has a mix of properties that make it difficult to examine. These properties consist of being infinitely divisible, durable, transferable, fungible and can be controlled to be artificially scarce. Further, cryptocurrencies can act as a means of payment, a medium of exchange, a store of value, and a unit of account. This thesis will analyze the technical features underlying cryptocurrencies and find out whether or not they can function as an alternative to fiat money. Since Bitcoin is the most commonly understood application …
A Dynamic Network Perspective On The Latent Group Structure Of Cryptocurrencies, Li Guo, Yubo Tao, Wolfgang Karl Hardle
A Dynamic Network Perspective On The Latent Group Structure Of Cryptocurrencies, Li Guo, Yubo Tao, Wolfgang Karl Hardle
Research Collection School Of Economics
In this paper, we study the latent group structure in cryptocurrencies market by forming a dynamic return inferred network with coin attributions. We develop a dynamic covariate-assisted spectral clustering method to detect the communities in dynamic network framework and prove its uniform consistency along the horizons. Applying our new method, we show the return inferred network structure and coin attributions, including algorithms and proof types, jointly determine the market segmentation. Based on the network model, we propose a novel "hard-to-value" measure using the centrality scores. Further analysis reveals that the group with a lower centrality score exhibits stronger short-term return …
Bitcoin's Global Potential: Examining The Obstacles To Becoming A Legitimate Financial Tool, Nicholas J. Moorman 16
Bitcoin's Global Potential: Examining The Obstacles To Becoming A Legitimate Financial Tool, Nicholas J. Moorman 16
Honor Scholar Theses
No abstract provided.
Bitcoin: Is Cryptocurrency Viable?, Austin Hill
Bitcoin: Is Cryptocurrency Viable?, Austin Hill
CMC Senior Theses
Bitcoin, a virtual currency invented in 2009, was created as a peer-to-peer currency that eliminated the need for a third party authority, such as banks or government, to be involved in monetary transactions. Having no intrinsic value but carrying no government guarantees relegates bitcoin and its competitors to the perpetual role of investment opportunity, deriving value not from a practical use, but from a nominal, dollar value. This will continue to be the case until the U.S. Government sanctions virtual currency as a viable store of value. Because the dollar plays such a large role in the world’s economy, other …