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Bitcoin as a new currency.

Brzeszczyński, Janusz; Gajdka, Jerzy; Schabek, Tomasz

Authors

Janusz Brzeszczyński

Jerzy Gajdka

Tomasz Schabek



Abstract

Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008. The purpose of this paper is to provide an analysis of Bitcoin from the perspective of the Polish market investor. More specifically, the aim of the empirical research presented in this study has been twofold: (1) comparison of Bitcoin with other currencies using returns and risk captured by the standard deviation of returns and (2) assessment of the sensitivity of the BTC/PLN exchange rate to the NBP’s monetary policy announcements. Bitcoin appears to be weakly related to other currency exchange rates against the Polish zloty and the monetary policy announcements of the National Bank of Poland (NBP) have, effectively, no influence on the determination of the BTC/PLN exchange rate. We discuss extensively the Bitcoin as a new asset on the financial market and we present the investigation of the BTC/PLN reactions to the monetary policy announcements in Poland, which is a novel analysis for this instrument using the Polish market data.

Citation

BRZESZCZYŃSKI, J., GAJDKA, J. and SCHABEK, T. 2020. Bitcoin as a new currency. Folia oeconomica stetinensia [online], 20(2), 49-65. Available from: https://doi.org/10.2478/foli-2020-0035

Journal Article Type Article
Acceptance Date Dec 29, 2020
Online Publication Date Jan 29, 2021
Publication Date Dec 31, 2020
Deposit Date Jan 16, 2023
Publicly Available Date Mar 28, 2024
Journal Folia Oeconomica Stetinensia
Electronic ISSN 1898-0198
Publisher De Gruyter
Peer Reviewed Peer Reviewed
Volume 20
Issue 2
Pages 49-65
DOI https://doi.org/10.2478/foli-2020-0035
Keywords Bitcoin; Cryptocurrency; Foreign exchange rates; National Bank of Poland (NBP)
Public URL https://rgu-repository.worktribe.com/output/1848983

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