Abstract
According to the monetary theory, this paper believes that the demand for Bitcoin mainly includes two aspects: transaction demand and investment demand. This paper further discusses the impact of different demands on the price of Bitcoin based on two aspects of demand. Transaction demand and investment demand together affect the supply and demand relationship of the Bitcoin market. The empirical results show that the volatility of Bitcoin price is higher than that of international currencies and stocks as investment tools. This article emphasizes that the price of Bitcoin is primarily affected by supply and demand.
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