Is the Bitcoin market efficient? A literature review
DOI:
https://doi.org/10.24275/uam/azc/dcsh/ae/2021v36n93/LengyelPalabras clave:
Bitcoin, Criptomonedas, burbujas financieras, eficiencia del mercadoResumen
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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Agosto, A., & Cafferata, A. (2020). Financial Bubbles: A Study of Co-Explosivity in the Cryptocurrency Market. Risks, 8(2), 34. MDPI AG. http://dx.doi.org/10.3390/risks8020034
Alvarez-Ramirez, J., Rodríguez, E., & Ibarra-Valdez, C. (2018). Long-range correlations and asymmetry in the Bitcoin market. Physica A: Statistical Mechanics and its Applications, Vol. 492, February, 948-955. https://doi.org/10.1016/j.physa.2017.11.025
Baker, M., & Wurgler, J. (2006). Investor sentiment and the cross‐section of stock returns. The Journal of Finance, 61(4), 1645-1680. https://doi.org/10.1111/j.1540-6261.2006.00885.x
Bariviera, A. F. (2017). The inefficiency of Bitcoin revisited: A dynamic approach. Economics Letters, Vol. 161 (C), 1-4. https://doi.org/10.1016/j.econlet.2017.09.013
Bartos, J. (2015). Does Bitcoin follow the hypothesis of efficient market? International Journal of Economic Sciences, 4(2), 10-23. https://doi.org/10.20472/ES.2015.4.2.002
Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of economic Perspectives, Vol. 29 (2), 213-38. https://doi.org/ 10.1257/jep.29.2.213
Bradshaw, T. & Murphy, H. (2020, October 21). PayPal finally Embraces cryptocurrencies with New York licence. The Financial Times. Retrieved from https://www.ft.com/content/794a0a37-b235-466f-b66f-230b875f8951
Brunnermeier M.K. (2008) Bubbles. In: Palgrave Macmillan (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_44-2
Bundi, N., & Wildi, M. (2019). Bitcoin and market-(in) efficiency: a systematic time series approach. Digital Finance, 1(1-4), 47-65. https://doi.org/10.1007/s42521-019-00004-z
Caporale, G.M. and Plastun, A. (2019), Price overreactions in the cryptocurrency market, Journal of Economic Studies, Vol. 46 No. 5, pp. 1137-1155. https://doi.org/10.1108/JES-09-2018-0310
Cheah, J. E.-T. and Fry, J. (2015). Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin, Economics Letters, 130. https://doi.org/ 10.1016/j.econlet.2015.02.029
Cheah, E. T., Mishra, T., Parhi, M., & Zhang, Z. (2018). Long memory interdependency and inefficiency in Bitcoin markets. Economics Letters, 167, 18-25. https://doi.org/https://doi.org/10.1016/j.econlet.2018.02.010
Cheung, A., Roca, E., & Su, J. J. (2015). Crypto-currency bubbles: an application of the Phillips–Shi–Yu (2013) methodology on Mt. Gox bitcoin prices. Applied Economics, 47 (23), 2348-2358. https://doi.org/10.1080/00036846.2015.1005827
Coindesk. (2021). Bitcoin BTC. Retrieved February 14, 2021, from https://www.coindesk.com/price/bitcoin
Coindesk. (2020, November 20). CoinDesk Daily News: Blackrock CIO: Bitcoin Could Replace Gold, Goldman: China's Digital Yuan to Reach 1 Billion Users. Retrieved from https://www.coindesk.com/video/blackrock-cio-bitcoin-could-replace-gold-goldman-chinas-digital-yuan-to-reach-1-billion-users
Coinmarketcap. (2021). Bitcoin (BTC) price, marketcap, chart, and info. Retrieved February 14, 2021, from https://coinmarketcap.com/currencies/bitcoin/
Corbet, S., Lucey, B., & Yarovaya, L. (2018). Datestamping the Bitcoin and Ethereum bubbles. Finance Research Letters, 26, September, 81-88. https://doi.org/10.1016/j.frl.2017.12.006
Corbet, S., Lucey, B., Urquhart, A., & Yarovaya, L. (2019). Cryptocurrencies as a financial asset: A systematic analysis. International Review of Financial Analysis, 62, 182-199. https://doi.org/10.1016/j.irfa.2018.09.003
da Fonseca, V. M., & da Fonseca, M. A. (2019). A Simple Approach to Assess if a Financial “Bubble” is Present: The Case of Bitcoin. Applied Economics and Finance, 6(4), 1-10. https://doi.org/10.11114/aef.v6i4.4266
Demmler, M. (2017). Irrationality of Asset Price Bubbles – Human Decision-Making in the Course of Financial Bubbles. México: Pearson Educación.
Dhar, R. & Goetzmann, W. N. (2006). Bubble Investors – What were they thinking? Working Paper, No. 06-22, Yale International Center for Finance. http://ssrn.com/abstract= 683366
Fama, E. F. (1965). The Behavior of Stock-Market Prices. Journal of Business, 38(1), 34-105. https://doi.org/10.1086/294743
Fama, E. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383-417. https://doi.org/10.1111/j.1540-6261.1970.tb00518.x
Fama, E. (1991). Efficient capital markets: II. Journal of Finance, 46(5), 1575-1617. https://doi.org/10.1111/j.1540-6261.1991.tb04636.x
Fitzgerald, M. (2020, May 29). U.S. savings rate hits record 33% as coronavirus causes Americans to stockpile cash, curb spending. CNBC. Retrieved November 20, 2020, from https://www.cnbc.com/2020/05/29/us-savings-rate-hits-record-33percent-as-coronavirus-causes-americans-to-stockpile-cash-curb-spending.html
Frisby, D. (2014). Bitcoin: The Future of Money? London: Unbound.
Froot, K. A. & Obstfeld, M. (1991). Intrinsic Bubbles – The Case of Stock Prices. American Economic Review, Vol. 81, No. 5, pp. 1189-1214.
Fry, J., & Cheah, J. E. T. (2016). Negative bubbles and shocks in cryptocurrency markets. International Review of Financial Analysis, 47(C), 343-352. https://doi.org/10.1016/j.irfa.2016.02.008.
Garcia, D., Tessone, C. J., Mavrodiev, P., & Perony, N. (2014). The digital traces of bubbles: feedback cycles between socio-economic signals in the Bitcoin economy. Journal of the Royal Society Interface, 11(99), 20140623. https://royalsocietypublishing.org/doi/full/10.1098/rsif.2014.0623
Geuder, J., Kinateder, H., & Wagner, N. F. (2019). Cryptocurrencies as financial bubbles: The case of Bitcoin. Finance Research Letters, Vol. 31, December. https://doi.org/10.1016/j.frl.2018.11.011
Gómez, G.L. &. Demmler, M. (2018). Social Currencies and Cryptocurrencies: Characteristics, Risks and Comparative Analysis. CIRIEC-España, Revista de Economía Pública, Social y Cooperativa, 93, 265-291, https://doi.org/10.7203/CIRIEC-E.93.10978.
Hu, Y., Valera, H. G. A., & Oxley, L. (2019). Market efficiency of the top market-cap cryptocurrencies: Further evidence from a panel framework. Finance Research Letters, 31, 138–145. https://doi.org/10.1016/j.frl.2019.04.012
Kindleberger, C. P., & Aliber, R. Z. (2015). Manias, panics and crashes: A history of financial crises. Basingstoke, Hampshire: Palgrave MacMillan.
Kristoufek, L. (2018). On Bitcoin markets (in) efficiency and its evolution. Physica A: Statistical Mechanics and its Applications, 503, August, 257-262. https://doi.org/10.1016/j.physa.2018.02.161
Korin, N. (2020). Using blockchain to monitor the COVID-19 vaccine supply chain. Retrieved from https://www.weforum.org/agenda/2020/11/using-blockchain-to-monitor-covid-19-vaccine-supply-chain?utm_source=facebook
Kurihara, Y., & Fukushima, A. (2017). The market efficiency of Bitcoin: A weekly anomaly perspective. Journal of Applied Finance and Banking, Vol. 7(3), 57-64. http://www.scienpress.com/Upload/JAFB%2fVol%207_3_4.pdf
McMillan, R. (2014). The Inside Story of Mt. Gox, Bitcoin's $460 Million Disaster. Wired. Retrieved from https://www.wired.com/2014/03/bitcoin-exchange/
Mehta, N., Agashe, A., & Detroja, P. (2019). Bubble or revolution: The present and future of blockchain and cryptocurrencies. Paravane Ventures.
Nadarajah, S., & Chu, J. (2017). On the inefficiency of Bitcoin. Economics Letters, 150 (C), 6-9. https://doi.org/10.1016/j.econlet.2016.10.033
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from: http://bitcoin.org/bitcoin.pdf.
Newbold, P., Carlson, W. L., & Thorne, B. (2013). Statistics for business and economics. Harlow: Pearson Education.
Pagnotta, E. (2020). Bitcoin as Decentralized Money: Prices, Mining, and Network Security. http://dx.doi.org/10.2139/ssrn.3264448
Phillips, P. C., Shi, S., & Yu, J. (2015). Testing for multiple bubbles: Limit theory of real‐time detectors. International Economic Review, 56(4), 1079-1134. https://doi.org/10.1111/iere.12131
Phillips, P. C., Wu, Y., & Yu, J. (2011a). Explosive behavior in the 1990s Nasdaq: When did exuberance escalate asset values? International Economic Review, 52(1), 201-226. https://doi.org/10.1111/j.1468-2354.2010.00625.x
Phillips, Peter C. B. and Shi, Shuping and Yu, Jun, Testing for Multiple Bubbles (2011b). CAFE Research Paper No. 13.18, http://dx.doi.org/10.2139/ssrn.2316339
PlanB. (2020, July 22). Bitcoin Stock-to-Flow Cross Asset Model. Retrieved from https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12
Samson, A. (2020, November 18). Bitcoin's revival: Boom or bubble? The Financial Times. Retrieved from https://www.ft.com/content/a47090ee-fdf5-4cfa-9d17-47c56afad8c3
Samuelson, P. A. (1965). Proof that properly anticipated prices fluctuate randomly. Industrial Management Review, 6(2), 41-49. https://doi.org/10.2307/3003046
Schilling, L., & Uhlig, H. (2019). Some simple bitcoin economics. Journal of Monetary Economics, Vol. 106, 16-26. https://doi.org/10.1016/j.jmoneco.2019.07.002
Shiller, R. (2015). Irrational Exuberance: Revised and Expanded Third Edition. Princeton; Oxford: Princeton University Press. https://doi.org/10.2307/j.ctt1287kz5
Smith, I. (2021, January 03). Bitcoin tops $34,000 AS Record-breaking Rally resumes. The Financial Times. Retrieved from https://www.ft.com/content/314f6c8a-ff7f-4a52-b5d1-98eb36a7bf40
Stosic, D., Stosic, D., Ludermir, T. B., & Stosic, T. (2019). Exploring disorder and complexity in the cryptocurrency space. Physica A: Statistical Mechanics and Its Applications, Vol. 525, 548–556. https://doi.org/10.1016/j.physa.2019.03.091
Szalay, E. (2020, November 18). Bitcoin rallies above $18,000 to trade near all-time highs. The Financial Times. Retrieved from https://www.ft.com/content/5480ae1a-1a48-414d-a0a1-843f53f55308
Szalay, E. (2021, February 12). 'Digital tulip' or new asset class? Bitcoin's bid to go mainstream. The Financial Times. Retrieved from https://www.ft.com/content/7ac6c3a6-3fed-4dd9-8a69-939ad6094933
Urquhart, A. (2016). The inefficiency of Bitcoin. Economics Letters, 148, November, 80-82. https://doi.org/ 10.1016/j.econlet.2016.09.019.
Vidal-Tomás, D., & Ibañez, A. (2018). Semi-strong efficiency of Bitcoin. Finance Research Letters, 27, 259-265. https://doi.org/10.1016/j.frl.2018.03.013.
Wallace, N. (2017). Fiat Money. In The New Palgrave Dictionary of Economics (pp. 1–9). Palgrave Macmillan UK. https://doi.org/10.1057/978-1-349-95121-5_454-2
Wei, W. C. (2018). Liquidity and market efficiency in cryptocurrencies. Economics Letters, Vol. 168 (C), July, 21-24. https://doi.org/10.1016/j.econlet.2018.04.003
Wheatley, S., Sornette, D., Huber, T., Reppen, M., & Gantner, R. N. (2018). Are Bitcoin bubbles predictable? Combining a generalized Metcalfe's Law and the LPPLS model. Combining a Generalized Metcalfe's Law and the LPPLS Model (March 15, 2018). Swiss Finance Institute Research Paper, (18-22). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3141050
Xiong, J., Liu, Q., & Zhao, L. (2020). A new method to verify Bitcoin bubbles: Based on the production cost. The North American Journal of Economics and Finance, Vol. 51, January. https://doi.org/10.1016/j.najef.2019.101095
Alvarez-Ramirez, J., Rodríguez, E., & Ibarra-Valdez, C. (2018). Long-range correlations and asymmetry in the Bitcoin market. Physica A: Statistical Mechanics and its Applications, Vol. 492, February, 948-955. https://doi.org/10.1016/j.physa.2017.11.025
Baker, M., & Wurgler, J. (2006). Investor sentiment and the cross‐section of stock returns. The Journal of Finance, 61(4), 1645-1680. https://doi.org/10.1111/j.1540-6261.2006.00885.x
Bariviera, A. F. (2017). The inefficiency of Bitcoin revisited: A dynamic approach. Economics Letters, Vol. 161 (C), 1-4. https://doi.org/10.1016/j.econlet.2017.09.013
Bartos, J. (2015). Does Bitcoin follow the hypothesis of efficient market? International Journal of Economic Sciences, 4(2), 10-23. https://doi.org/10.20472/ES.2015.4.2.002
Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of economic Perspectives, Vol. 29 (2), 213-38. https://doi.org/ 10.1257/jep.29.2.213
Bradshaw, T. & Murphy, H. (2020, October 21). PayPal finally Embraces cryptocurrencies with New York licence. The Financial Times. Retrieved from https://www.ft.com/content/794a0a37-b235-466f-b66f-230b875f8951
Brunnermeier M.K. (2008) Bubbles. In: Palgrave Macmillan (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_44-2
Bundi, N., & Wildi, M. (2019). Bitcoin and market-(in) efficiency: a systematic time series approach. Digital Finance, 1(1-4), 47-65. https://doi.org/10.1007/s42521-019-00004-z
Caporale, G.M. and Plastun, A. (2019), Price overreactions in the cryptocurrency market, Journal of Economic Studies, Vol. 46 No. 5, pp. 1137-1155. https://doi.org/10.1108/JES-09-2018-0310
Cheah, J. E.-T. and Fry, J. (2015). Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin, Economics Letters, 130. https://doi.org/ 10.1016/j.econlet.2015.02.029
Cheah, E. T., Mishra, T., Parhi, M., & Zhang, Z. (2018). Long memory interdependency and inefficiency in Bitcoin markets. Economics Letters, 167, 18-25. https://doi.org/https://doi.org/10.1016/j.econlet.2018.02.010
Cheung, A., Roca, E., & Su, J. J. (2015). Crypto-currency bubbles: an application of the Phillips–Shi–Yu (2013) methodology on Mt. Gox bitcoin prices. Applied Economics, 47 (23), 2348-2358. https://doi.org/10.1080/00036846.2015.1005827
Coindesk. (2021). Bitcoin BTC. Retrieved February 14, 2021, from https://www.coindesk.com/price/bitcoin
Coindesk. (2020, November 20). CoinDesk Daily News: Blackrock CIO: Bitcoin Could Replace Gold, Goldman: China's Digital Yuan to Reach 1 Billion Users. Retrieved from https://www.coindesk.com/video/blackrock-cio-bitcoin-could-replace-gold-goldman-chinas-digital-yuan-to-reach-1-billion-users
Coinmarketcap. (2021). Bitcoin (BTC) price, marketcap, chart, and info. Retrieved February 14, 2021, from https://coinmarketcap.com/currencies/bitcoin/
Corbet, S., Lucey, B., & Yarovaya, L. (2018). Datestamping the Bitcoin and Ethereum bubbles. Finance Research Letters, 26, September, 81-88. https://doi.org/10.1016/j.frl.2017.12.006
Corbet, S., Lucey, B., Urquhart, A., & Yarovaya, L. (2019). Cryptocurrencies as a financial asset: A systematic analysis. International Review of Financial Analysis, 62, 182-199. https://doi.org/10.1016/j.irfa.2018.09.003
da Fonseca, V. M., & da Fonseca, M. A. (2019). A Simple Approach to Assess if a Financial “Bubble” is Present: The Case of Bitcoin. Applied Economics and Finance, 6(4), 1-10. https://doi.org/10.11114/aef.v6i4.4266
Demmler, M. (2017). Irrationality of Asset Price Bubbles – Human Decision-Making in the Course of Financial Bubbles. México: Pearson Educación.
Dhar, R. & Goetzmann, W. N. (2006). Bubble Investors – What were they thinking? Working Paper, No. 06-22, Yale International Center for Finance. http://ssrn.com/abstract= 683366
Fama, E. F. (1965). The Behavior of Stock-Market Prices. Journal of Business, 38(1), 34-105. https://doi.org/10.1086/294743
Fama, E. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383-417. https://doi.org/10.1111/j.1540-6261.1970.tb00518.x
Fama, E. (1991). Efficient capital markets: II. Journal of Finance, 46(5), 1575-1617. https://doi.org/10.1111/j.1540-6261.1991.tb04636.x
Fitzgerald, M. (2020, May 29). U.S. savings rate hits record 33% as coronavirus causes Americans to stockpile cash, curb spending. CNBC. Retrieved November 20, 2020, from https://www.cnbc.com/2020/05/29/us-savings-rate-hits-record-33percent-as-coronavirus-causes-americans-to-stockpile-cash-curb-spending.html
Frisby, D. (2014). Bitcoin: The Future of Money? London: Unbound.
Froot, K. A. & Obstfeld, M. (1991). Intrinsic Bubbles – The Case of Stock Prices. American Economic Review, Vol. 81, No. 5, pp. 1189-1214.
Fry, J., & Cheah, J. E. T. (2016). Negative bubbles and shocks in cryptocurrency markets. International Review of Financial Analysis, 47(C), 343-352. https://doi.org/10.1016/j.irfa.2016.02.008.
Garcia, D., Tessone, C. J., Mavrodiev, P., & Perony, N. (2014). The digital traces of bubbles: feedback cycles between socio-economic signals in the Bitcoin economy. Journal of the Royal Society Interface, 11(99), 20140623. https://royalsocietypublishing.org/doi/full/10.1098/rsif.2014.0623
Geuder, J., Kinateder, H., & Wagner, N. F. (2019). Cryptocurrencies as financial bubbles: The case of Bitcoin. Finance Research Letters, Vol. 31, December. https://doi.org/10.1016/j.frl.2018.11.011
Gómez, G.L. &. Demmler, M. (2018). Social Currencies and Cryptocurrencies: Characteristics, Risks and Comparative Analysis. CIRIEC-España, Revista de Economía Pública, Social y Cooperativa, 93, 265-291, https://doi.org/10.7203/CIRIEC-E.93.10978.
Hu, Y., Valera, H. G. A., & Oxley, L. (2019). Market efficiency of the top market-cap cryptocurrencies: Further evidence from a panel framework. Finance Research Letters, 31, 138–145. https://doi.org/10.1016/j.frl.2019.04.012
Kindleberger, C. P., & Aliber, R. Z. (2015). Manias, panics and crashes: A history of financial crises. Basingstoke, Hampshire: Palgrave MacMillan.
Kristoufek, L. (2018). On Bitcoin markets (in) efficiency and its evolution. Physica A: Statistical Mechanics and its Applications, 503, August, 257-262. https://doi.org/10.1016/j.physa.2018.02.161
Korin, N. (2020). Using blockchain to monitor the COVID-19 vaccine supply chain. Retrieved from https://www.weforum.org/agenda/2020/11/using-blockchain-to-monitor-covid-19-vaccine-supply-chain?utm_source=facebook
Kurihara, Y., & Fukushima, A. (2017). The market efficiency of Bitcoin: A weekly anomaly perspective. Journal of Applied Finance and Banking, Vol. 7(3), 57-64. http://www.scienpress.com/Upload/JAFB%2fVol%207_3_4.pdf
McMillan, R. (2014). The Inside Story of Mt. Gox, Bitcoin's $460 Million Disaster. Wired. Retrieved from https://www.wired.com/2014/03/bitcoin-exchange/
Mehta, N., Agashe, A., & Detroja, P. (2019). Bubble or revolution: The present and future of blockchain and cryptocurrencies. Paravane Ventures.
Nadarajah, S., & Chu, J. (2017). On the inefficiency of Bitcoin. Economics Letters, 150 (C), 6-9. https://doi.org/10.1016/j.econlet.2016.10.033
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from: http://bitcoin.org/bitcoin.pdf.
Newbold, P., Carlson, W. L., & Thorne, B. (2013). Statistics for business and economics. Harlow: Pearson Education.
Pagnotta, E. (2020). Bitcoin as Decentralized Money: Prices, Mining, and Network Security. http://dx.doi.org/10.2139/ssrn.3264448
Phillips, P. C., Shi, S., & Yu, J. (2015). Testing for multiple bubbles: Limit theory of real‐time detectors. International Economic Review, 56(4), 1079-1134. https://doi.org/10.1111/iere.12131
Phillips, P. C., Wu, Y., & Yu, J. (2011a). Explosive behavior in the 1990s Nasdaq: When did exuberance escalate asset values? International Economic Review, 52(1), 201-226. https://doi.org/10.1111/j.1468-2354.2010.00625.x
Phillips, Peter C. B. and Shi, Shuping and Yu, Jun, Testing for Multiple Bubbles (2011b). CAFE Research Paper No. 13.18, http://dx.doi.org/10.2139/ssrn.2316339
PlanB. (2020, July 22). Bitcoin Stock-to-Flow Cross Asset Model. Retrieved from https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12
Samson, A. (2020, November 18). Bitcoin's revival: Boom or bubble? The Financial Times. Retrieved from https://www.ft.com/content/a47090ee-fdf5-4cfa-9d17-47c56afad8c3
Samuelson, P. A. (1965). Proof that properly anticipated prices fluctuate randomly. Industrial Management Review, 6(2), 41-49. https://doi.org/10.2307/3003046
Schilling, L., & Uhlig, H. (2019). Some simple bitcoin economics. Journal of Monetary Economics, Vol. 106, 16-26. https://doi.org/10.1016/j.jmoneco.2019.07.002
Shiller, R. (2015). Irrational Exuberance: Revised and Expanded Third Edition. Princeton; Oxford: Princeton University Press. https://doi.org/10.2307/j.ctt1287kz5
Smith, I. (2021, January 03). Bitcoin tops $34,000 AS Record-breaking Rally resumes. The Financial Times. Retrieved from https://www.ft.com/content/314f6c8a-ff7f-4a52-b5d1-98eb36a7bf40
Stosic, D., Stosic, D., Ludermir, T. B., & Stosic, T. (2019). Exploring disorder and complexity in the cryptocurrency space. Physica A: Statistical Mechanics and Its Applications, Vol. 525, 548–556. https://doi.org/10.1016/j.physa.2019.03.091
Szalay, E. (2020, November 18). Bitcoin rallies above $18,000 to trade near all-time highs. The Financial Times. Retrieved from https://www.ft.com/content/5480ae1a-1a48-414d-a0a1-843f53f55308
Szalay, E. (2021, February 12). 'Digital tulip' or new asset class? Bitcoin's bid to go mainstream. The Financial Times. Retrieved from https://www.ft.com/content/7ac6c3a6-3fed-4dd9-8a69-939ad6094933
Urquhart, A. (2016). The inefficiency of Bitcoin. Economics Letters, 148, November, 80-82. https://doi.org/ 10.1016/j.econlet.2016.09.019.
Vidal-Tomás, D., & Ibañez, A. (2018). Semi-strong efficiency of Bitcoin. Finance Research Letters, 27, 259-265. https://doi.org/10.1016/j.frl.2018.03.013.
Wallace, N. (2017). Fiat Money. In The New Palgrave Dictionary of Economics (pp. 1–9). Palgrave Macmillan UK. https://doi.org/10.1057/978-1-349-95121-5_454-2
Wei, W. C. (2018). Liquidity and market efficiency in cryptocurrencies. Economics Letters, Vol. 168 (C), July, 21-24. https://doi.org/10.1016/j.econlet.2018.04.003
Wheatley, S., Sornette, D., Huber, T., Reppen, M., & Gantner, R. N. (2018). Are Bitcoin bubbles predictable? Combining a generalized Metcalfe's Law and the LPPLS model. Combining a Generalized Metcalfe's Law and the LPPLS Model (March 15, 2018). Swiss Finance Institute Research Paper, (18-22). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3141050
Xiong, J., Liu, Q., & Zhao, L. (2020). A new method to verify Bitcoin bubbles: Based on the production cost. The North American Journal of Economics and Finance, Vol. 51, January. https://doi.org/10.1016/j.najef.2019.101095
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2021-09-01
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Lengyel-Almos, K. E., & Demmler, M. (2021). Is the Bitcoin market efficient? A literature review. Análisis Económico, 36(93), 167–187. https://doi.org/10.24275/uam/azc/dcsh/ae/2021v36n93/Lengyel
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