Is Bitcoin a currency, a technology-based product, or something else?

【Author】 White, Reilly; Marinakis, Yorgos; Islam, Nazrul; Walsh, Steven

【Source】TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE

【影响因子】10.884

【Abstract】Cryptocurrencies such as Bitcoin have fascinated technologists and investors alike. They have become prevalent, with over 2,000 Bitcoin-like cryptocurrencies now in use. Most jurisdictions have not regulated cryptocurrencies. Whether existing regulations apply to cryptocurrency turns ultimately on if we classify cryptocurrencies as currencies, securities, or derivatives, or a money services (transfer) vehicle. In this set of exploratory analyses we seek to classify Bitcoin. We utilize a variety of methods to compare aspects of its behavior to: currencies, asset classes such as derivatives, technology-based products and possible technology-based products such as Ether and the security SPY, and speculative financial bubbles. We find that Bitcoin's behavior more closely resembles a technology-based product, an emerging asset class, or a bubble event, rather than a currency or a security; such that it is correct that existing currency and security laws should not apply to cryptocurrencies.

【Keywords】Cryptocurrency; Bitcoin; Investment; Technology diffusion; Technology entrepreneurship; Finance and Banking

【发表时间】2020 FEB

【收录时间】2022-01-02

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