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dc.contributor.advisorDědek, Oldřich
dc.creatorVozak, Hugo
dc.date.accessioned2017-05-27T13:05:44Z
dc.date.available2017-05-27T13:05:44Z
dc.date.issued2015
dc.identifier.urihttp://hdl.handle.net/20.500.11956/70430
dc.description.abstractThis thesis explores the price determinants of Bitcoin using a macroeconomic model based on the economic equation of exchange presented by Joseph Wang (2014). The thesis provides a concise and structured introduction to Bitcoin and a comprehensive literature review on Bitcoin. The analysis begins with the application of the functions of money to Bitcoin, arguing that while Bitcoin does fulfill the three classical functions of money to a certain extent, its use remains mainly as a speculative instrument. Wang's model is criticized and amended to reflect the realities of empirically analyzing the Bitcoin market. Using the daily number of transactions and Bitcoin days destroyed as proxies for economic activity and inactivity - to measure Bitcoin's velocity on the block chain - vector autoregression modelling is used to determine if there is Granger causality between the price of bitcoin and the two proxies. The results demonstrate that there is a bidirectional Granger-causal relationship between Bitcoin days destroyed and the price of bitcoin and that there is none between the daily number of transactions and the price of bitcoin; proving Wang's two main assumptions. Impulse- response functions are provided to illustrate and discuss this bidirectional relationship. The results are in line with the...en_US
dc.languageEnglishcs_CZ
dc.language.isoen_US
dc.publisherUniverzita Karlova, Fakulta sociálních vědcs_CZ
dc.subjectBitcoincs_CZ
dc.subjectprice determinantscs_CZ
dc.subjectvaluationcs_CZ
dc.subjecteconomic equation of exchangecs_CZ
dc.subjectclassical functions of moneycs_CZ
dc.subjectvelocity of Bitcoincs_CZ
dc.subjectBitcoin days destroyedcs_CZ
dc.subjectGranger Causalitycs_CZ
dc.subjectimpulse-response functionscs_CZ
dc.subjectBitcoinen_US
dc.subjectprice determinantsen_US
dc.subjectvaluationen_US
dc.subjecteconomic equation of exchangeen_US
dc.subjectclassical functions of moneyen_US
dc.subjectvelocity of Bitcoinen_US
dc.subjectBitcoin days destroyeden_US
dc.subjectGranger Causalityen_US
dc.subjectimpulse-response functionsen_US
dc.titleBitcoin: Pyramid-scheme Wildfire, New Online Payment Medium, or Future Alternative Currency?en_US
dc.typediplomová prácecs_CZ
dcterms.created2015
dcterms.dateAccepted2015-06-22
dc.description.departmentDepartment of Political Scienceen_US
dc.description.departmentKatedra politologiecs_CZ
dc.description.facultyFakulta sociálních vědcs_CZ
dc.description.facultyFaculty of Social Sciencesen_US
dc.identifier.repId146326
dc.contributor.refereePolák, Petr
dc.identifier.aleph002016233
thesis.degree.nameMgr.
thesis.degree.levelnavazující magisterskécs_CZ
thesis.degree.disciplineMezinárodní ekonomická a politická studiacs_CZ
thesis.degree.disciplineInternational Economic and Political Studiesen_US
thesis.degree.programMezinárodní ekonomická a politická studiacs_CZ
thesis.degree.programInternational Economic and Political Studiesen_US
uk.faculty-name.csFakulta sociálních vědcs_CZ
uk.faculty-name.enFaculty of Social Sciencesen_US
uk.faculty-abbr.csFSVcs_CZ
uk.degree-discipline.csMezinárodní ekonomická a politická studiacs_CZ
uk.degree-discipline.enInternational Economic and Political Studiesen_US
uk.degree-program.csMezinárodní ekonomická a politická studiacs_CZ
uk.degree-program.enInternational Economic and Political Studiesen_US
thesis.grade.csVýborněcs_CZ
thesis.grade.enExcellenten_US
uk.abstract.enThis thesis explores the price determinants of Bitcoin using a macroeconomic model based on the economic equation of exchange presented by Joseph Wang (2014). The thesis provides a concise and structured introduction to Bitcoin and a comprehensive literature review on Bitcoin. The analysis begins with the application of the functions of money to Bitcoin, arguing that while Bitcoin does fulfill the three classical functions of money to a certain extent, its use remains mainly as a speculative instrument. Wang's model is criticized and amended to reflect the realities of empirically analyzing the Bitcoin market. Using the daily number of transactions and Bitcoin days destroyed as proxies for economic activity and inactivity - to measure Bitcoin's velocity on the block chain - vector autoregression modelling is used to determine if there is Granger causality between the price of bitcoin and the two proxies. The results demonstrate that there is a bidirectional Granger-causal relationship between Bitcoin days destroyed and the price of bitcoin and that there is none between the daily number of transactions and the price of bitcoin; proving Wang's two main assumptions. Impulse- response functions are provided to illustrate and discuss this bidirectional relationship. The results are in line with the...en_US
uk.file-availabilityV
uk.publication-placePrahacs_CZ
uk.grantorUniverzita Karlova, Fakulta sociálních věd, Katedra politologiecs_CZ


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