经济学院2019年第九次学术研讨会

——宏观经济研讨班（六）

主讲人: 杨子超 博士研究生

单位：弗吉尼亚理工大学 经济系

题目: Efficiency in the Bitcoin Market

时间: 2019年5月28日（周二）15::30

地点: 经济学院402会议室

摘要：Previous studies on bitcoin usually treat bitcoin as another conventional asset. In this paper we bring the technology aspect of bitcoin into consideration. We find that the transaction fee in the bitcoin market acts differently from that in the conventional financial market due to the design of the bitcoin mining algorithm. Furthermore, unlike conventional assets, there are hundreds of exchanges around the world trading bitcoin 24/7. This unique phenomenon leads us to define two types of efficiency in the bitcoin market: the efficiency inside a single exchange and the efficiency on the market level. Because of the unique transaction fee mechanism, these two kinds of efficiency do not always move in the same direction. We find that when the bitcoin market becomes active, it improves single exchange efficiency but reduces efficiency on the market level.