Abstract
This study examines if holding Bitcoin provides any benefit other than potential price appreciation. An estimation using the convenience yield term in the Cost-of-Carry model shows that the Bitcoin spot contract has a 5.4% premium compared to the futures contract, indicating a holding benefit. Short-selling restrictions in Bitcoin spot markets and voting rights are the sources of the premium. The short-selling restrictions make spot prices be downward sticky. The value of voting rights becomes more observable whenever a ballot is likely. When an important proposal is made to the Bitcoin network, the holding benefit increases by an additional 5.6%.
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