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Is Bitcoin money ? Volatility and comparison with the traditional conception of money

Mouchet, Pauline
(2016)

Files

Mouchet_35171400_2016.pdf
  • UCLouvain restricted access
  • Adobe PDF
  • 2.86 MB
Mouchet_35171400_2016_Appendixes.pdf
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  • 8.69 MB

Details

Supervisors
Vrins, Frédéric
Faculty
Louvain School of Management
Degree label
Master [120] en Ingénieur de gestion
Abstract
The question “Is Bitcoin money?” is studied under 5 angles of approach. First of all, we will look at the users of Bitcoin and their potential motivations for using this cryptocurrency. Secondly, we take a monetary approach and discuss the consequences of the decreasing growth rate of the money supply controlled by Bitcoin protocol rules. Then, the third approach is more quantitative, with an analysis of the volatility of Bitcoin exchange rate and daily returns. This analysis aims to study how the volatility of Bitcoin compares to the one of other currency pairs, metals and speculative assets. The fourth angle of approach addresses the question of value: which elements give value to a currency and do they also apply to Bitcoin? Finally, the fifth approach is more theoretical and gauges Bitcoin’s performance regarding the three functions which traditionally define money, as well as regarding the required characteristics for a “good” money.