Aufsatz(elektronisch)#115. April 2019
Bubbles and rationality in bitcoin
In: Economic notes, Band 48, Heft 2
ISSN: 1468-0300
AbstractPeriodically collapsing rational bubbles model speculative demand in asset markets. The price and quantity of bitcoin are integrated of different orders, which is evidence of a bubble. Cointegration tests that allow for the potential presence of such bubbles with alternative proxies for fundamentals cannot reject a bubble in bitcoin.