比特币真的不受限制吗？

比特币真的不受限制吗？

The Journal of Finance, 2020,Volume75,Issue4

 作者：JOHN M. GRIFFIN,AMIN SHAMS

摘要：本文调查了与美元挂钩的数字货币Tether是否在2017年的繁荣时期影响了比特币和其他加密货币的价格。通过使用算法分析区块链数据，本文发现Tether的购买是在市场低迷之后进行的，从而导致比特币价格大幅上涨。这**动归因于一个实体，即低于整数价格的集群，导致比特币的不对称自相关，并表明月底前Tether储备不足。与现金投资者的需求不同，这些模式***基于供给的假设，即无支撑数字货币会导致加密货币价格的上涨。

Is Bitcoin Real UntETHered?

Abstract: This study finds that Bitcoin performed poor in hedging this tail risk.This paper inestigates whETHer Tether, a digital currency pegged to the U.S. dollar, influenced Bitcoin and other cryptocurrency prices during the 2017 boom. Using algorithms to *yze 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 reseres before month‐ends. Rather than demand from cash inestors, these patterns are most consistent with the supp‐based hypothesis of unbacked digital money inflating cryptocurrency prices.

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CAFR区块链应用研究

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