An analysis of bitcoin as an asset

Detalhes bibliográficos
Autor(a) principal: Pereira, Catarina Soares
Data de Publicação: 2021
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/22935
Resumo: Mestrado Bolonha em Mathematical Finance
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spelling An analysis of bitcoin as an assetBitcoinAssetMedium of exchangeMarketGoldMestrado Bolonha em Mathematical FinanceBitcoin is nowadays one of the most popular topics among the public and academia. The increased popularity and market capitalization of Bitcoin have generated much controversy among the scientific community about whether this cryptocurrency can be used as an asset or as a new form of a medium of exchange. With these questions in mind, I decided first to assess if Bitcoin can be incorporated into one singular category, asset, or medium of exchange; or if it is a mix of these two. Second, enquire how its variance shifts according to shocks in the market and if this reaction can be compared with Gold. Third, infer if there is an asymmetry effect in volatility, i.e., if bad news generate less volatility than good news. The conclusions drawn from this study are that Bitcoin does not fit entirely into one category. There is no clear indication as to whether Bitcoin is a medium of exchange or an asset. Regarding its behavior in the market, it is possible to conclude that Bitcoin does not have management capabilities, and concerning the comparison with Gold, I concluded that Gold is still superior in terms of being a good asset to hedge market risk. The asymmetry effect is not significant in Bitcoin, whereas in Gold, several studies proved that this effect is one of the main properties that make Gold a safe haven.Instituto Superior de Economia e GestãoAbreu, MargaridaCrato, NunoRepositório da Universidade de LisboaPereira, Catarina Soares2022-01-06T17:49:12Z2021-102021-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.5/22935engPereira, Catarina Soares (2021). "An analysis of bitcoin as an asset". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:52:28Zoai:www.repository.utl.pt:10400.5/22935Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:07:16.493926Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv An analysis of bitcoin as an asset
title An analysis of bitcoin as an asset
spellingShingle An analysis of bitcoin as an asset
Pereira, Catarina Soares
Bitcoin
Asset
Medium of exchange
Market
Gold
title_short An analysis of bitcoin as an asset
title_full An analysis of bitcoin as an asset
title_fullStr An analysis of bitcoin as an asset
title_full_unstemmed An analysis of bitcoin as an asset
title_sort An analysis of bitcoin as an asset
author Pereira, Catarina Soares
author_facet Pereira, Catarina Soares
author_role author
dc.contributor.none.fl_str_mv Abreu, Margarida
Crato, Nuno
Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Pereira, Catarina Soares
dc.subject.por.fl_str_mv Bitcoin
Asset
Medium of exchange
Market
Gold
topic Bitcoin
Asset
Medium of exchange
Market
Gold
description Mestrado Bolonha em Mathematical Finance
publishDate 2021
dc.date.none.fl_str_mv 2021-10
2021-10-01T00:00:00Z
2022-01-06T17:49:12Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/22935
url http://hdl.handle.net/10400.5/22935
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Pereira, Catarina Soares (2021). "An analysis of bitcoin as an asset". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
publisher.none.fl_str_mv Instituto Superior de Economia e Gestão
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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