Bitcoin has become ‘more equity-like’ – San Francisco Fed study
Asset’s ‘financialisation’ has helped it enter same sphere as stocks, paper argues
Bitcoin’s price moves are based more on market sentiment than on its fundamentals, new research from the Federal Reserve Bank of San Francisco argues.
In their paper, published on August 18, Alejandro Drexler, Andre Guettler and Angela Sun find that the price of the world’s most prominent cryptocurrency increasingly resembles that of a risky publicly listed company.
The authors compare bitcoin’s risk and volatility measurement – its beta – with movements in the Dow Jones and Nasdaq. They find that
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