Bitcoin investments and climate change: A financial and carbon intensity perspective

【Author】 Baur, Dirk G.; Oll, Josua

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】Climate-related criticism of Bitcoin is primarily based on the network's absolute carbon emissions, without considering its market value. Taking a relative emission perspective and utilizing the mean-variance portfolio optimization framework, we study the financial and carbon-related implications of Bitcoin investments. The results of our in-sample analysis show that adding Bitcoin to a diversified equity portfolio can both enhance the risk-return relationship of the portfolio and reduce the portfolio's aggregate carbon emissions. This finding persists under various assumptions regarding Bitcoin prices, carbon emission estimates, and carbon prices.

【Keywords】Cryptocurrencies; Bitcoin; Carbon emissions; Climate change; Carbon intensity; Mean-variance analysis

【发表时间】2022 JUN

【收录时间】2022-07-17

【文献类型】理论性文章

【主题类别】

区块链应用-实体经济-能源领域