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Jamal Bouoiyour, Refk Selmi, Aviral Kumar Tiwari and Olaolu Richard Olayeni
''What drives Bitcoin price?''
( 2016, Vol. 36 No.2 )
The cryptocurrencies increased in popularity and have become nowadays well known to a wide audience. This article seeks to assess the issue of Bitcoin price formation from a novel perspective. We use a new technique called Empirical Mode Decomposition (EMD) with which a complicated data set can be disentangled into a small number of independent and concretely implicational intrinsic modes that admit well-behaved Hilbert transforms. Even though Bitcoin is usually labelled as a purely speculative asset, EMD views that it is extremely driven by long-term fundamentals (above one year).
Keywords: Bitcoin price, drivers, Empirical Mode Decomposition.
JEL: F3 - International Finance: General
E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Manuscript Received : Apr 12 2016 Manuscript Accepted : May 18 2016

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