Flip the Coin: Heads, Tails or Cryptocurrencies?

Duarte, António Portugal; Murta, Fátima Sol; Silva, Nuno Baetas da; Vieira, Beatriz Rodrigues

doi:10.47743/saeb-2023-0013

Sci. Ann. Econ. Bus.

2023

DOI: 10.47743/saeb-2023-0013

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Flip the Coin: Heads, Tails or Cryptocurrencies?

António Portugal Duarte¹,

Fátima Sol Murta²,

Nuno Baetas da Silva³

et al.

Abstract: This paper analysis and compares the volatility of seven cryptocurrencies – Bitcoin, Dogecoin, Ethereum, BitcoinCash, Ripple, Stellar and Litecoin – to the volatility of seven centralized currencies – Yuan, Yen, Canadian Dollar, Brazilian Real, Swiss Franc, Euro and British Pound. We estimate GARCH models to analyze their volatility. The results point to a considerably high volatility of cryptocurrencies when compared to that of centralized currencies. Therefore, we conclude that cryptocurrencies still fall fa… Show more

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Cited by 2 publications

References 44 publications

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Major determinants of Bitcoin price: Application of a vector error correction model

Jaya Hartono,

Suyanto

2023

Investment Management and Financial Innovations

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Research in recent years has shown that Bitcoin is a virtual asset that is used as a medium of exchange and investment tool other than shares and bonds, the development of the digital era has opened up opportunities for Bitcoin to be chosen as part of an investor’s portfolio. The focus of this study is to examine the impact of nine key determinants on Bitcoin price. The data used in the study are daily data starting from January 1, 2018 to January 1, 2022. The main data source is taken from Investing.com, and the estimation method applied is the Vector Error Correction Model (VECM). The main finding shows that Bitcoin Volume impacts Bitcoin Price negatively, which is in line with the demand theory. Another finding is related to the substitute effect of Ethereum Volume, Litecoin Volume, and Gold Volume, each of which influences Bitcoin Price positively, suggesting that these three commodities are substitutes to Bitcoin. In contrast, whereas Oil Volume has an insignificant effect on Bitcoin price in the short term, it has a negative significant impact in the long term. In addition, LQ45 stock index Volume influences Bitcoin Price positively in the short term, suggesting that LQ45 stock index and Bitcoin substitute for each other. Moreover, Google Trends impacts Bitcoin price positively in the long term. In terms of the income effect, either the Indonesian GDP or US GDP has a strong positive effect on Bitcoin price in both the short and long term.

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Major determinants of Bitcoin price: Application of a vector error correction model

Jaya Hartono,

Suyanto

2023

Investment Management and Financial Innovations

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Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Hernández Sánchez,

Sastre-Hernández,

Jorge-Vazquez

et al. 2024

Economies

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This article highlights the complexity of taxation surrounding cryptocurrency transactions due to the lack of uniform regulation, creating uncertainty for both taxpayers and tax authorities. After determining the tax obligations of individuals in taxation, a survey has been conducted to assess the level of knowledge and compliance with tax obligations related to cryptocurrencies. The survey, in which 103 people participated, reveals the confusion and errors that prevail in perceptions of the tax obligations for cryptocurrencies, particularly in transactions such as swapping and staking in personal income tax. This results in almost half of the respondents (49.5%) not declaring any of their operations with cryptocurrencies. The reasons for this include the fact that the majority of respondents (66%) find the regulation of cryptocurrencies in Spain confusing and difficult to understand. Additionally, 87.4% believe that tax agencies should provide more information and resources on the taxation of cryptocurrencies and digital assets, and that there should be clearer and more comprehensive regulation. However, it should be noted that 41.7% also consider that tax regulation discourages investment in cryptocurrencies.

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Flip the Coin: Heads, Tails or Cryptocurrencies?

Cited by 2 publications

References 44 publications

Major determinants of Bitcoin price: Application of a vector error correction model

Major determinants of Bitcoin price: Application of a vector error correction model

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

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