hrvatski

Financijska analiza kriptovaluta u odnosu na standardne financijske instrumente

Kriptovalute su relativno novo područje u financijama koje traži dodatnu pažnju akademske zajednice. Nude model novca koji je decentraliziran, bez-institucionalan, u potpunosti digitalan, siguran, istodobno i transparentan i potencijalno anoniman, s pokrićem u električnoj energiji. Cilj je ovoga rada otvoriti područje kriptovaluta standardnoj financijskoj analizi te promotriti povezanost kretanja najvećih kriptovaluta, kako međusobno, tako i u odnosu na dva globalna dionička indeksa, tečaj EUR/USD, te cijene nafte (WTI) i zlata. Pretražena je literatura i predstavljen je kraći pregled postojećih radova. Korištenjem deskriptivnih statističkih pokazatelja i matricom korelacija potvrđena je hipoteza o nepovezanosti kretanja cijena kriptovaluta u odnosu na klasične, standardne financijske instrumente.

kriptovalute, kriptoekonomija, bitcoin, ethereum, ripple, blockchain

Abstract: Cryptocurrencies are relatively new area in the field of finance which require additional attention of academic community. They offer a model of money that is decentralized, non-institutional, completely digital, safe, at the same time both transparent and potentially anonymous, and backed by electricity. The purpose of this paper is to scrutinise cryptocurrencies with standard financial tools, and to observe interconnectedness of price movements of the largest cryptocurrencies among themselves, but also regarding two global financial indexes, EUR/USD currency pair, and two commodities: oil (WTI) and gold. The literature in this field is examined, and a brief review of papers is presented. The hypothesis of unrelated price movements between cryptocurrencies and standard financial instruments was confirmed by descriptive statistics and correlations matrix. JEL classification: G15, G23, G29, O33. ISBN (CD): 978-953-253-150-3