{"title":"Cryptocurrency Digital Assets: Evidence of the Emergence of Cryptocurrency Securities Markets as an Investment Asset Class, 2018-2023","authors":"Mitchell Miller, Dale Prondzinski","doi":"10.33423/jaf.v23i2.6090","DOIUrl":null,"url":null,"abstract":"This study seeks to understand the value of digital assets as inve stments. The study compared the returns of the FAANG stocks and the S&P 500 TR Index to Bitcoin and the CRIX index. The results found no significant difference between the returns of the FANG stocks and Bitcoin on a risk-adjusted basis. However, the study found a significant difference between the S&P 500 TR Index as compared to Bitcoin and the CRIX index on a risk-adjusted basis. The period of the study, 2018-2023, reflects the relevant time band measured by the number of published studies and academic articles. The authors conclude that while Bitcoin may be an investment of choice for a risk-seeking investment style, better assets of choice exist for a risk-averse investor building a diversified portfolio.","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Universal Journal of Accounting and Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.33423/jaf.v23i2.6090","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
引用次数: 0
Abstract
This study seeks to understand the value of digital assets as inve stments. The study compared the returns of the FAANG stocks and the S&P 500 TR Index to Bitcoin and the CRIX index. The results found no significant difference between the returns of the FANG stocks and Bitcoin on a risk-adjusted basis. However, the study found a significant difference between the S&P 500 TR Index as compared to Bitcoin and the CRIX index on a risk-adjusted basis. The period of the study, 2018-2023, reflects the relevant time band measured by the number of published studies and academic articles. The authors conclude that while Bitcoin may be an investment of choice for a risk-seeking investment style, better assets of choice exist for a risk-averse investor building a diversified portfolio.
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