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| Format: | Artículo científico |
| Language: | en |
| Published: |
Universidad Autónoma Metropolitana
2021
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| Online Access: | https://www.redalyc.org/articulo.oa?id=41370425011 https://www.redalyc.org/journal/413/41370425011/ https://www.redalyc.org/journal/413/41370425011/html/ https://www.redalyc.org/journal/413/41370425011/41370425011.epub https://www.redalyc.org/journal/413/41370425011/movil |
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Table of Contents:
- Is the Bitcoin market efficient? A literature review1 Krisztina Eva Lengyel-Almos Michael Demmler Economía y Finanzas G14 G19 Bitcoin cryptocurrencies financial bubbles This paper presents a documentary research on the market behavior of Bitcoin with respect to market efficiency and the existence of speculative bubbles. To this end the paper analyses 25 journal articles to answer the following research question: Is the Bitcoin market efficient? Based on Eugene Fama´s Efficient Market Hypothesis (EMH), the selected articles are classified into two groups: the first group contains articles that support and potentially accept the EMH; the second group includes articles that refute or reject this hypothesis based on different empirical evidence of financial bubbles within the Bitcoin market. The two groups indicate that by 2021 there is no crystal-clear consensus among scholars and financial analysts in terms of efficiency. Nevertheless, far more articles reject the EMH than support it, concluding that the Bitcoin market is prone to develop speculative bubbles. Furthermore, due to the high volatility documented by both groups, users and future investors are advised to consider not only the potential financial gains that the most popular cryptocurrency may offer, but its numerous risks as well. 2021 artículo científico 0185-3937 https://www.redalyc.org/articulo.oa?id=41370425011 https://www.redalyc.org/journal/413/41370425011/ https://www.redalyc.org/journal/413/41370425011/html/ https://www.redalyc.org/journal/413/41370425011/41370425011.epub https://www.redalyc.org/journal/413/41370425011/movil 10.24275/uam/azc/dcsh/ae/2021v36n93/Lengyel en http://www.redalyc.org/revista.oa?id=413 Análisis Económico application/pdf Universidad Autónoma Metropolitana Análisis Económico (México) Num.93 Vol.XXXVI