Bitcoin as a New Currency

• Autorzy: Janusz Brzeszczyński , Jerzy Gajdka , Tomasz Schabek
• Języki publikacji: EN

Abstrakty

EN

Research background: Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008. Purpose: The purpose of this paper is to provide an analysis of Bitcoin from the perspective of the Polish market investor. More specifically, the aim of the empirical research presented in this study has been twofold: (1) comparison of Bitcoin with other currencies using returns and risk captured by the standard deviation of returns and (2) assessment of the sensitivity of the BTC/PLN exchange rate to the NBP's monetary policy announcements. Results: Bitcoin appears to be weakly related to other currency exchange rates against the Polish zloty and the monetary policy announcements of the National Bank of Poland (NBP) have, effectively, no influence on the determination of the BTC/PLN exchange rate. Novelty: We discuss extensively the Bitcoin as a new asset on the financial market and we present the investigation of the BTC/PLN reactions to the monetary policy announcements in Poland, which is a novel analysis for this instrument using the Polish market data. (original abstract)

Słowa kluczowe

PL

Kryptowaluty; Bitcoin; Kurs walutowy

EN

Cryptocurrencies; Bitcoin; Exchange rates

• Czasopismo: Folia Oeconomica Stetinensia
• Rocznik: 2020
• Numer: vol. 20, iss. 2
• Strony: 49-65

Twórcy

autor

Janusz Brzeszczyński

• Newcastle Business School (NBS), Northumbria University, Newcastle-upon-Tyne, United Kingdom and University of Łódź, Poland

autor

Jerzy Gajdka

• University of Lodz, Poland

autor

Tomasz Schabek

• University of Lodz, Poland

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Identyfikatory

DOI

10.2478/foli-2020-0035