Is Bitcoin a Real Currency? An economic appraisal

By David Yermack. 2014

1,088 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance, Information Systems

View Paper: https://www.semanticscholar.org/paper/114d480c4b6ab827b67e4ab7c4bce874662b8d08

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Citations in the corpus

High-Frequency Jump Analysis of the Bitcoin Market* (2017, neutral): “Unlike traditional currencies, which rely on central banks, bitcoin relies on a decentralized computer network to validate transactions and grow money supply (see Yermack (2015) and Yermack (2017) for further background on the bitcoin and its technology).”
Virtual Currencies and Beyond: Initial Considerations (2016, background): “11 See, for example, King (1983), White (1984), Taub (1985), Selgin (1988), and Selgin and White (1994).”
Spillovers between Bitcoin and other assets during bear and bull markets (2018, background): “…Bitcoin returns, such as their attractiveness (Ciaian, Rajcaniova, and Kancs 2016; Kristoufek 2013), anonymity of payment transactions (EBA 2014; Yermack 2013), used in illegal activities and on the part of computer programming enthusiasts (Yelowitz and Wilson 2015), cyber-attacks (Moore and…”
On the return-volatility relationship in the Bitcoin market around the price crash of 2013 (2017, background): “Bitcoin is considered to be a speculative investment by Yermack (2013) and digital gold by Popper (2015).”
Price Fluctuations and the Use of Bitcoin: An Empirical Inquiry (2015, neutral): “Bitcoin has seen much higher volatility in its exchange rates compared to other world currencies and gold [139], which may be down to the relative illiquidity of the Bitcoin market.”
Value-at-risk and expected shortfall in cryptocurrencies’ portfolio: a vine copula–based approach (2019, neutral): “…studies focused on the nature and characteristics of the digital currencies, and whether they may be classified as a traditional asset, such as equities, bonds or commodities, or whether they may be considered a currency – for example, see Dyhrberg (2016), Wu and Pandey (2014) and Yermack (2015).”
The Economics of Cryptocurrencies—Bitcoin and Beyond (2017, positive): “Some recent contribution have analyzed – from a qualitative perspective – whether Bitcoin can function as a real currency given its security features and lack of usage for making frequent payments (see for example Yermack (2013) and Böhme et al. (2015)).”
What Does Bitcoin Look Like (2015, background): “452 JAMAL BOUOIYOUR AND REFK SELMI ernment nor can it be used to make pretty things as can gold. Others show that with no intrinsic value, Bitcoin’s rising price constituted a speculative bubble”. As we aim at rigorously analyzing what does Bitcoin look like, we give a first insight by looking at ma”
Are cryptocurrencies connected to forex? A quantile cross-spectral approach (2019, background): “Empirical studies have so far suggested that Bitcoin has only a limited correlation with other assets (e.g., Yermack, 2015; Bouri et al., 2017a; Bouri et al., 2017b), although the data utilized end around 2015.”
The economic value of Bitcoin: A portfolio analysis of currencies, gold, oil and stocks (2019, neutral): “Significant effort is gathered on answering whether Bitcoin acts entirely as an alternative currency or it maintains similar properties to commodities or speculative assets (e.g., Yermack, 2013; Glaser et al., 2014; Dyhrberg, 2016; Bouri et al., 2017; Blau, 2017; Baur et al., 2018).”
How stable are stablecoins? (2021, positive): “Hence, the creation of coins that are stable – stablecoins – potentially solves this problem of excess volatility (e.g. see Yermack (2013)).”
Modelling long memory volatility in the Bitcoin market: Evidence of persistence and structural breaks (2018, background): “…whether Bitcoin is regarded as a form of payment, an alternative/digital form of a currency, or a financial asset and speculative investment (Yermack, 2013; Bouoiyour and Selmi, 2015; Bouoiyour et al., 2015), the literature on the finance of Bitcoin has to be extended in particular with…”
The predictive power of public Twitter sentiment for forecasting cryptocurrency prices (2020, background): “Yermack (2015) names Bitcoin's scarcity and its instability as reasons for it not be classi ed as a real currency, which also applies to many other cryptocurrencies.”