این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۱ دارای ۱۳ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: H733
سال نشر: ۲۰۲۱
نام ناشر (پایگاه داده): الزویر
نام مجله: Physica A
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۱۳ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۱ : جریان اطلاعات بین بیتکوین و سایر دارایی های مالی
عنوان کامل انگلیسی:
Information flow between bitcoin and other financial assets
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Since bitcoin launched in 2009, its popularity has soared, with global trading volume reaching 203.1 billion dollars as of August 2019. Given the trend that bitcoin is increasingly recognized as an investment asset, we analyzed its relationship with other financial assets. We found significant flows of information between bitcoin and exchange rates in most countries. Further, we observed a directional pattern in information flow according to the economic conditions in each country (i.e., developed and emerging markets). The results showed that bitcoin responded more strongly to the exchange rates and stocks in developed markets than in emerging markets.
Keywords: Transfer entropy, Information flow, Bitcoin, Financial assets
Since bitcoin’s debut in 2009, numerous cryptocurrencies have emerged. According to CoinMarketCap,2 in August 12, 2019, there were 2440 crypto currencies and 19,836 exchanges with a market size of approximately 296.1 billion dollars, of which bitcoin accounted for 68.6% (203.1 billion dollars) of the total market. As crypto currencies are becoming more valuable as financial assets, new ones are continuously created. For example, in June 2019, Facebook officially announced plans to issue Libra Coin3 (now called ’Diem’) as a stable form of currency that can be exchanged for dollars, euros, etc. Furthermore, in August 2019, the U.S. Commodity Futures Trading Commission officially approved the Bakkt4 exchange to begin trading physically-settled bitcoin contracts for the first time. Thus, bitcoin is expected to continue to grow in the future and may soon be recognized as an international financial asset.
In accordance with this trend, we investigated the discriminating characteristics of bitcoin compared to other financial assets. Currently, the legalities and policies of bitcoin are unclear, the use of bitcoin in daily life is marginal, and there are no saving accounts in bitcoin and no interest . Cryptocurrency markets are open 24 h a day, seven days a week like foreign exchange markets; thus, some have argued that bitcoin prices reflect the available information more than other types of financial assets such as stocks. Examining these characteristics, many studies have investigated whether bitcoin follows the efficient market hypothesis. Some researchers [2–۴] have found that cryptocurrency follows this hypothesis, but others have argued the opposite [5,6]. Including cryptocurrency in an asset portfolio along with gold and dollars can be a means of hedging the risk of investing in other assets [7–۹]. In addition, the bitcoin system issues money in a special form called mining and the total amount issued is limited, which has the advantage of suppressing inflation and deflation problems . A blockchain-based decentralized system can reduce fees related to governance such as international transaction brokerage fees and transaction register books, which are cheaper with bitcoin than with retail foreign exchange markets …
We analyzed information flows between bitcoin prices and other financial assets in 27 countries, proving that bitcoin interacts with financial assets. In particular, the pattern of information flow with exchange rates was more significant than that of other financial assets such as stocks and government bonds. In addition, based on economic conditions by country, we found significant patterns of information flow from stocks and exchange rates to bitcoin in developed markets; the influence of these financial assets on bitcoin was also stronger than that in emerging markets. We expect our findings to strengthen valuation and stability of bitcoin as a financial asset and contribute to establishing efficient investment strategies…
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