<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008.<bold>Purpose:</bold> 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.<bold>Results:</bold> 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.<bold>Novelty:</bold> 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.</abstract>

Research background: Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008.Purpose: 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.Results: 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.Novelty: 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.

Bitcoin as a New Currency

Department of Capital Market and Investments

Folia Oeconomica Stetinensia

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Bitcoin as a New Currency"}

Research background: Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis...

Bitcoin as a New Currency

Online veröffentlicht: 29. Jan. 2021

Seitenbereich: 49 - 65

Eingereicht: 06. Dez. 2019

Akzeptiert: 29. Okt. 2020

DOI: https://doi.org/10.2478/foli-2020-0035

Schlüsselwörter
Bitcoin, Cryptocurrency, Foreign Exchange Rates, National Bank of Poland (NBP)

© 2020 Janusz Brzeszczyński et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Bitcoin as a New Currency

Online veröffentlicht: 29. Jan. 2021

Seitenbereich: 49 - 65

Eingereicht: 06. Dez. 2019

Akzeptiert: 29. Okt. 2020

DOI: https://doi.org/10.2478/foli-2020-0035

SchlüsselwörterBitcoin, Cryptocurrency, Foreign Exchange Rates, National Bank of Poland (NBP)

© 2020 Janusz Brzeszczyński et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Schlüsselwörter
Bitcoin, Cryptocurrency, Foreign Exchange Rates, National Bank of Poland (NBP)