Research Papers

This paper reveals the interdependence between social signals and price in the Bitcoin economy, namely a social feedback cycle based on word-of-mouth effect and a user-driven adoption cycle.

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Explores the relationship between the “buzz factor” and investment returns. The report finds that crypto assets do not behave similarly to traditional currencies or commodities and that the industry is much more mature, and less speculative, than most assume.

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Addresses the valuation of Bitcoin and other blockchain tokens in a new type of production economy: a decentralized financial network. This is one of the first economic models to incorporate both supply and demand side assumptions for Bitcoin.

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We develop a strong diagnostic for bubbles and crashes in bitcoin, by analyzing the coincidence (and its absence) of fundamental and technical indicators. Using a generalized Metcalfe’s law based on network properties, a fundamental value is quantified and shown to be heavily exceeded, on at least four occasions, by bubbles that grow and burst.

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This paper demonstrates that bitcoin’s medium- to long-term price follows Metcalfe’s law. Bitcoin is modeled as a token digital currency, a medium of exchange with no intrinsic value that is transacted within a defined electronic network.

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Research study by Fidelity on the growing number of institutional investors that believe that digital assets should be a part of their investment portfolios.

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