Abstract
The present study addresses one of the most problematic phenomena: Bitcoin price. We explore the Granger causality for two relationships (Bitcoin price and trade transactions; Bitcoin price and investors' attractiveness) from a frequency domain perspective-based on unconditional and conditional data analysis. Accurately, this research empirically assesses the causal links between these variables unconditionally on the one hand and conditioning upon relevant control variables (recorded in literature) on the other hand. The observed outcomes reveal some differences with respect to the frequencies involved, highlighting the difficulty to reach clearer insights and better paths into this nascent crypto-currency. Beyond the nuances of short-, medium- and long-run frequencies, this paper confirms the extremely speculative nature of Bitcoin without overlooking its usefulness in economic reasons. The consideration of the Chinese market index, the hash rate, the monetary velocity and the estimated output volume has led to solid and meaningful findings connecting further Bitcoin to speculation.
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