622
Views
1
CrossRef citations to date
0
Altmetric
Research Article

Examining Bitcoin and Economic Determinants: An Evolutionary Perspective

, &
Pages 572-586 | Published online: 04 May 2021
 

ABSTRACT

After Nakamoto introduced Bitcoin in 2008 as an alternative online payment system, it became an appealing investment vehicle and an attractive area of study for many researchers. Although much research has been done on the valuation of Bitcoin, comparatively little treatment has been spent on Bitcoin’s relationship to established economic indicators, at least in IS research. This study examines Bitcoin across its history using a time-series structural break analysis to differentiate five distinct periods within Bitcoin’s evolution. Data obtained includes the open-high-low-close and volume Bitcoin trading data by the minute from October 15, 2010 until January 1, 2020. Within each period, we examine Bitcoin’s closing price in relation to an established set of economic indicators that encompass economic health, long-term economic stability, monetary policy, and investor sentiment. We find that Bitcoin has matured from a speculative trading mechanism to an independent investment instrument that is responsive to underlying macroeconomic factors.

Log in via your institution

Log in to Taylor & Francis Online

PDF download + Online access

  • 48 hours access to article PDF & online version
  • Article PDF can be downloaded
  • Article PDF can be printed
USD 61.00 Add to cart

Issue Purchase

  • 30 days online access to complete issue
  • Article PDFs can be downloaded
  • Article PDFs can be printed
USD 145.00 Add to cart

* Local tax will be added as applicable

Related Research

People also read lists articles that other readers of this article have read.

Recommended articles lists articles that we recommend and is powered by our AI driven recommendation engine.

Cited by lists all citing articles based on Crossref citations.
Articles with the Crossref icon will open in a new tab.