Bitcoin as a New Currency

Brzeszczyński, Janusz, Gajdka, Jerzy and Schabek, Tomasz (2020) Bitcoin as a New Currency. Folia Oeconomica Stetinensia, 20 (2). pp. 49-65. ISSN 1898-0198

[img]
Preview
Text
10.2478_foli-2020-0035.pdf - Published Version
Available under License Creative Commons Attribution Non-commercial No Derivatives 4.0.

Download (390kB) | Preview
Official URL: https://doi.org/10.2478/foli-2020-0035

Abstract

Abstract Research background: Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008. Purpose: The purpose of this paper is to provide an analysis of Bitcoin from the perspective of the Polish market investor. More specifically, the aim of the empirical research presented in this study has been twofold: (1) comparison of Bitcoin with other currencies using returns and risk captured by the standard deviation of returns and (2) assessment of the sensitivity of the BTC/PLN exchange rate to the NBP’s monetary policy announcements. Results: Bitcoin appears to be weakly related to other currency exchange rates against the Polish zloty and the monetary policy announcements of the National Bank of Poland (NBP) have, effectively, no influence on the determination of the BTC/PLN exchange rate. Novelty: We discuss extensively the Bitcoin as a new asset on the financial market and we present the investigation of the BTC/PLN reactions to the monetary policy announcements in Poland, which is a novel analysis for this instrument using the Polish market data.

Item Type: Article
Uncontrolled Keywords: Bitcoin, Cryptocurrency, Foreign Exchange Rates, National Bank of Poland (NBP)
Subjects: N300 Finance
Department: Faculties > Business and Law > Newcastle Business School > Accounting and Finance
Depositing User: Rachel Branson
Date Deposited: 26 Apr 2021 10:44
Last Modified: 31 May 2021 14:39
URI: http://nrl.northumbria.ac.uk/id/eprint/46003

Actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics