Does Bitcoin Behave the Same as an Asset on the Stock Exchange?

Proceedings of ‏The 3rd International Conference on Applied Research in Management, Economics and Accounting

Year: 2020


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Does Bitcoin Behave the Same as an Asset on the Stock Exchange?




The main contribution of this paper seeks to answer the lack of research between the digital market of cryptocurrencies by the analysis of time series of daily Bitcoin closing, in light of Modern Finance Theory that is based on Market Efficiency Hypothesis (HEM) and Finance Behavioral. The objective of the research is to answer the title question whether bitcoin behaves the same as a stock exchange. This research also helps to answer whether the bitcoin market has a long-term balance between bitcoin and the different quotes in its local currencies. Based on economic statistics tools, using data collected from exchanges in Brazil, United States and Europe. You can see that HEM is also present in the cryptocurrency market. You can see that this theory integrates with Financial Finance, since financial market studies and theories exist before disruptive converged crypto market surgeries suitable for behavioral finance studies. , It could be verified with the tests carried out that Bitcoin behaves similarly to an action inside the stock exchange, which can start other researches to prove its efficiency, its derivatives and its future behaviors.

Keywords: Bitcoin; Behavioral Finance; Eficient Market Hipotesis.