ISBN: 978-981-11-3671-9 DOI: 10.18178/wcse.2017.06.227
An Empirical Analysis of Bitcoin’s Currency Function
Abstract— With various kinds of virtual currencies pouring into people's life, bitcoin, a typical virtual currency, exerts leavening influence on economic development and central currency policy. In this article, we select bitcoin's related data source and explore bitcoin's substitution effect on real currency. The empirical results indicate that although the substitution rate of bitcoin has long-run equilibrium relationship with broad money multiplier, it doesn't cause a significant change of broad money multiplier. Thus, a clear conclusion can be drawn that bitcoin has not set out on its career as a currency yet.
Index Terms— bitcoin; money multiplier; currency function
Tengyu Cui
School of Economics and Management, Beijing University of Posts and Telecommunications, CHINA
Tianyi Ma, Zhixiong Deng, Xinyu Li
School of Economics and Management, Beijing University of Posts and Telecommunications, CHINA
ISBN: 978-981-11-3671-9 DOI: 10.18178/wcse.2017.06.17Xsrc=http://www.wcse.org/uploadfile/2019/1120/20191120032016540.png" style="width: 120px; height: 68px;" />[Download]
Cite: Tengyu Cui, Tianyi Ma, Zhixiong Deng, Xinyu Li, "An Empirical Analysis of Bitcoin’s Currency Function," Proceedings of 2017 the 7th International Workshop on Computer Science and Engineering, pp. 1308-1313, Beijing, 25-27 June, 2017.