Year of Graduation
Bitcoin: Cross-Сountry Trading Volume Analysis
Double degree programme in Economics of the NRU HSE and the University of London
Cryptocurrencies became one of the main sensations of the past decade; their invention led to the emergence of a new market and became a cornerstone in blockchain technology implementation in routine processes and different institutions. The research consists of two parts: the cryptocurrency introduction with the outline of some of the features of cryptocurrencies and an effort to define their essence and the model applying multiple econometric techniques on the weekly dataset with BTC trading volume by country and stock market trading volume by country as the matin variables of the study. The result suggests that stock markets react differently on BTC volume fluctuations and vary from country to country. It is detected that in some countries these types of investments are substitutes, whereas in some countries they are complements. The research contributes to the understanding of the phenomena of cryptocurrency and how is it related to stock markets in a variety of countries. Private investors and state authorities could make use of this study in forming their investment strategies.