Shiny crypto assets: A systemic look at gold-backed cryptocurrencies during the COVID-19 pandemic

【Author】 Jalan, Akanksha; Matkovskyy, Roman; Yarovaya, Larisa

【Source】INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

【影响因子】8.235

【Abstract】In this paper, we empirically analyse the performance of five gold-backed stablecoins during the COVID-19 pandemic and compare them to gold, Bitcoin and Tether. In the digital assets' ecosystem, gold-backed crypto-currencies have the potential to address regulatory and policy concerns by decreasing volatility of crypto-currency prices and facilitating broader cryptocurrency adoption. We find that during the COVID-19 pandemic, gold-backed cryptocurrencies were susceptible to volatility transmitted from gold markets. Our results indicate that for the selected gold-backed cryptocurrencies, their volatility, and as a consequence, risks associated with volatility, remained comparable to the Bitcoin. In addition, gold-backed cryptocurrencies did not show safe-haven potential comparable to their underlying precious metal, gold.

【Keywords】Stablecoins; Cryptocurrencies; Gold-backed cryptocurrencies; COVID-19; Gold

【发表时间】2021 NOV

【收录时间】2022-02-10

【文献类型】期刊

【主题类别】

区块链治理--