Yermack is one of only a handful of economists to have seen bitcoin’s potential before the rapid rise in both adoption and price late last year. The professor noted that his profile on the topic has raised considerably after giving an off-the-cuff presentation about bitcoin at a financial conference in Autumn of last year, explaining the skyrocketing price to a crowd that was largely unaware ... However, in 2013 it was convincingly demonstrated that Bitcoin failed to perform most of the basic functions of all currencies (Yermack, 2013). This investigation found that cryptocurrencies lacked substantial transaction value and were poor stores of value. We further this and other academic research by investigating whether this is still the case today. Bitcoin than that in the S&P 500, Bitcoin investors are likely risk-seeking investors. These ﬁndings are These ﬁndings are also supported by Y ermack ( 2013 ) and Dyhrberg ( 2016 ) studies in ... Bitcoin is defined as digital money within a decentralized peer-to-peer payment network. It is a hybrid between precious metals with intrinsic value and fiat currency backed by a monetary authority. Yermack (2013) holds the same opinion, which is Bitcoin appears to behave more like a speculative investment than a currency. In his paper he point out that, on the one hand, Bitcion’s exchange rate has no relativity to the main currencies in the world, makes it’s hard for Bitcoin holders to make risk management and to hedge to other currency. On the other hand, Bitcoin make it’s hard to ...
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