Bitcoin Pricing, Adoption, and Usage: Theory and Evidence

@inproceedings{Athey2016BitcoinPA,
  title={Bitcoin Pricing, Adoption, and Usage: Theory and Evidence},
  author={Susan Athey and Ivo Parashkevov and Vishnu Sarukkai and Jing Xia},
  year={2016}
}
This paper develops a model of user adoption and use of virtual currency (such as Bitcoin), and focusing on the dynamics of adoption in the presence of frictions arising from exchange rate uncertainty. The theoretical model can be used to analyze how market fundamentals determine the exchange rate of fiat currency to Bitcoin. Empirical evidence from Bitcoin prices and utilization provides mixed evidence about the ability of the model to explain prices. Further analysis of the history of all… CONTINUE READING

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