RT info:eu-repo/semantics/article
T1 The drivers of Bitcoin demand: A short and long-run analysis
A1 Horra Ruiz, Luis Pablo de la
A1 Fuente Herrero, Gabriel de la
A1 Perote, Javier
K1 Bitcoin demand
K1 Medium of exchange
K1 Speculative asset
K1 Safe haven
K1 Bitcoin standard
K1 5312.06 Finanzas y Seguros
AB Since 2010, Bitcoin has shown high price volatility, spurring a debate regarding the underlying reasons that lead economic agents to demand it. This paper analyzes the demand for Bitcoin in order to determine whether it stems from Bitcoin's utility as a medium of exchange, a speculative asset, or as a safe-haven commodity. We examine Bitcoin from a monetary-theory perspective and build a demand model that explores both the long-term and short-term relationships among variables. Our findings show that Bitcoin behaves as a speculative asset in the short term. In the long term, however, speculation does not seem to influence demand for Bitcoin. Instead, demand might be driven by expectations regarding Bitcoin's future utility as a medium of exchange.
PB Elsevier
SN 1057-5219
YR 2019
FD 2019
LK https://uvadoc.uva.es/handle/10324/73703
UL https://uvadoc.uva.es/handle/10324/73703
LA eng
NO International Review of Financial Analysis, 2019, vol. 62, n. 2, p. 21-34
NO Producción Científica
DS UVaDOC
RD 22-ene-2025