Is Bitcoin Really Untethered? 论文
2020The Journal of Finance引用 520
Blockchain Technology Applications and SecurityFinancial Markets and Investment StrategiesComplex Systems and Time Series Analysis
详细信息
- 发表期刊/会议
- The Journal of Finance
- 发表日期
- 2020-06-15
- 发表年份
- 2020
关键词
Blockchain Technology Applications and SecurityFinancial Markets and Investment StrategiesComplex Systems and Time Series Analysis
摘要
ABSTRACT This paper investigates whether Tether, a digital currency pegged to the U.S. dollar, influenced Bitcoin and other cryptocurrency prices during the 2017 boom. Using algorithms to analyze blockchain data, we find that purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. The flow is attributable to one entity, clusters below round prices, induces asymmetric autocorrelations in Bitcoin, and suggests insufficient Tether reserves before month‐ends. Rather than demand from cash investors, these patterns are most consistent with the supply‐based hypothesis of unbacked digital money inflating cryptocurrency prices.