Practical Applications of Cryptocurrencies as an Asset Class? An Empirical Assessment

IF 0.4 Q4 BUSINESS, FINANCE Journal of Alternative Investments Pub Date : 2020-11-05 DOI:10.3905/jai.23.s1.036
Daniele Bianchi
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引用次数: 96

Abstract

Practical Applications In Cryptocurrencies as an Asset Class?An Empirical Assessment from the Fall 2020 issue of TheJournal of Alternative Investments, author Daniele Bianchi of Queen Mary University of London explores how cryptocurrencies (for example, Bitcoin) relate to traditional asset classes such as stocks and bonds. Bianchi posits that cryptocurrencies are global investments because they are not tied to any country. He therefore matches the performance and volume of cryptocurrency against that of global stock, bond, and other indexes. He also explores the driving factors behind cryptocurrency market activity. Bianchi finds no significant correlation between the performance of cryptocurrencies and that of traditional assets, except for a slight correlation with commodities, especially precious metals. He also finds no correlation between the volatility of cryptocurrencies and traditional assets. Finally, he finds that cryptocurrency trading volumes are not affected by macroeconomic events; their main driver is past performance—meaning investors trade cryptocurrency based on gut feelings rather than analysis. Like gold, cryptocurrencies can act as a hedge against stock market losses—but they do not have gold’s perceived intrinsic value, since their value is based only on the platforms and projects with which they are associated.
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加密货币作为一种资产类别的实际应用?实证评估
加密货币作为资产类别的实际应用?伦敦玛丽女王大学的作者Daniele Bianchi在《另类投资杂志》2020年秋季版的一项实证评估中探讨了加密货币(例如比特币)与股票和债券等传统资产类别的关系。Bianchi认为加密货币是全球性投资,因为它们与任何国家都没有关联。因此,他将加密货币的表现和数量与全球股票、债券和其他指数的表现和量相匹配。他还探讨了加密货币市场活动背后的驱动因素。Bianchi发现,加密货币的表现与传统资产的表现之间没有显著相关性,只是与大宗商品,尤其是贵金属有轻微相关性。他还发现加密货币的波动性与传统资产之间没有相关性。最后,他发现加密货币交易量不受宏观经济事件的影响;他们的主要驱动力是过去的表现——这意味着投资者交易加密货币是基于直觉,而不是分析。与黄金一样,加密货币可以作为对冲股市损失的工具,但它们不具有黄金的内在价值,因为它们的价值仅基于与其相关的平台和项目。
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来源期刊
CiteScore
1.50
自引率
14.30%
发文量
40
期刊介绍: The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
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