Is the Bitcoin market efficient? A literature review

Palabras clave: Bitcoin, Criptomonedas, burbujas financieras, eficiencia del mercado

Resumen

Este artículo presenta una investigación documental sobre el comportamiento del mercado de Bitcoin con respecto a la eficiencia del mercado y la existencia de burbujas especulativas. Con este fin, el documento analiza 25 artículos de revistas para responder a la siguiente pregunta de investigación: ¿es eficiente el mercado de Bitcoin? Con base en la Hipótesis de Mercado Eficiente (EMH) de Eugene Fama, los artículos seleccionados se clasifican en dos grupos: el primer grupo contiene artículos que potencialmente aceptan la EMH; mientras que el segundo grupo incluye artículos que refutan o rechazan esta hipótesis con base en distintas evidencias empíricas de burbujas financieras en el mercado del Bitcoin. Los dos grupos indican que para 2021 no existe un consenso claro entre los académicos y analistas financieros sobre si el mercado de Bitcoin es eficiente o no. Sin embargo, por cantidad, muchos más artículos rechazan la EMH de los que la apoyan, concluyendo que el mercado de Bitcoin es propenso a desarrollar burbujas especulativas. Además, debido a la alta volatilidad documentada por ambos grupos, se recomienda a los usuarios y futuros inversores que consideren no solo las posibles ganancias financieras que puede ofrecer la criptomoneda más popular, sino también sus numerosos riesgos.

Clasificación JEL: G14; G19.

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Biografía del autor

Krisztina E. Lengyel-Almos, Universidad Autónoma de Querétaro

Ph. D. c. Administrative Economic Sciences of the Autonomous University of Querétaro (FCA-UAQ), Querétaro, México. Full-time professor at the Tecnológico de Monterrey (ITESM), School of Social Sciences and Government, Campus Querétaro. 

Michael Demmler, Universidad Autónoma de Querétaro

Ph. D. in Economic Sciences of the University of Bayreuth, Germany, full-time professor of the Faculty of Accounting and Administration at the Autonomous University of Querétaro (FCA-UAQ), Querétaro.

Citas

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Publicado
2021-09-01