Är digital valuta det nya guldet?
(2014) FEKN90 20141Department of Business Administration
- Abstract (Swedish)
- Valutakursrisk har historiskt hanterats med negativt korrelerad eller okorrelerade instrument för att minska den totala risken i en portfölj. Som ett resultat av en integrerad värld har sådana instrument blivit allt mer sällsynta. Råvaror såsom guld har påvisat ett negativt samband och mycket av den bakomliggande teorin i uppsatsen är därför starkt relaterad till guldet. Digitala valutor är ett nyuppkommet fenomen och ett mycket begränsat område inom finansiell forskning. Dessa delas vanligtvis in i olika kategorier, däribland kryptovalutor, till vilken valuta Bitcoin hör. Då kryptovalutornas tekniska konstruktion och marknad liknar varandra är Bitcoin representativ för de nyare digitala valutor som har fått allt större utrymme i politiska... (More)
- Valutakursrisk har historiskt hanterats med negativt korrelerad eller okorrelerade instrument för att minska den totala risken i en portfölj. Som ett resultat av en integrerad värld har sådana instrument blivit allt mer sällsynta. Råvaror såsom guld har påvisat ett negativt samband och mycket av den bakomliggande teorin i uppsatsen är därför starkt relaterad till guldet. Digitala valutor är ett nyuppkommet fenomen och ett mycket begränsat område inom finansiell forskning. Dessa delas vanligtvis in i olika kategorier, däribland kryptovalutor, till vilken valuta Bitcoin hör. Då kryptovalutornas tekniska konstruktion och marknad liknar varandra är Bitcoin representativ för de nyare digitala valutor som har fått allt större utrymme i politiska och mediala sammanhang under senare år. Det finns uttalade liknelser mellan kryptovalutornas framställningsprocess och guldets utvinningsprocess, men även andra likheter. Bitcoin har trots sin korta existens relativt guldet påvisat ett negativt samband med växelkurser uttryckta i dollar och kan därmed sägas vara en fungerande hedge mot valutakursrisk i dollarn, även om uthålligheten i detta samband kan ifrågasättas. Valutan är extremt volatil och har ännu inte nått stabilitet, vilket kan förklaras av bland annat svävande legal status och avsaknaden av institutionell anknytning. Kryptovalutorna har blivit föremål för kraftig spekulation och därmed har valutornas värdebevarande funktion komprimerats. Ur detta perspektiv är de nya digitala valutorna att betrakta som tillgång snarare än valuta. (Less)
- Abstract
- Exchange rate risk has historically been dealt with through negatively correlated or uncorrelated instruments in order to reduce the overall risk in a portfolio. As a result of an integrated world, such instruments have become increasingly rare. Commodities such as gold have demonstrated a negative relationship, therefore much of the underlying theory in this thesis is strongly related to gold. Digital currencies are a new phenomenon and a very limited area within financial research. These currencies are usually divided into different categories, with cryptocurrencies being one of them, to which the currency Bitcoin belongs. Since the technical construction and market of cryptocurrencies are similar to one another, Bitcoin is considered to... (More)
- Exchange rate risk has historically been dealt with through negatively correlated or uncorrelated instruments in order to reduce the overall risk in a portfolio. As a result of an integrated world, such instruments have become increasingly rare. Commodities such as gold have demonstrated a negative relationship, therefore much of the underlying theory in this thesis is strongly related to gold. Digital currencies are a new phenomenon and a very limited area within financial research. These currencies are usually divided into different categories, with cryptocurrencies being one of them, to which the currency Bitcoin belongs. Since the technical construction and market of cryptocurrencies are similar to one another, Bitcoin is considered to be representative of these newer digital currencies, which have frequently appeared in political contexts and media as of late. There is an evident likeness between the process of cryptocurrency creation and gold extraction, amongst other similiarities between these two. The Bitcoin has, in spite of is short existence relative to gold, demonstrated a negative relationship with exchange rates expressed in dollars, and can through this be said to be an effective hedge against the dollar, although the dependability of this relationship is questionable. The currency is extremely volatile and has not yet reached stability, which can partly be explained by its floating legal status and the lack of institutional connection. Cryptocurrencies have been subjected to much speculation and thus the value conservative feature of these currencies has been reduced. From this perspective, new digital currencies should be regarded as assets rather than currencies. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/4628813
- author
- Holmström Van Der Weyden, Victor LU and Eskilsson, Camilla LU
- supervisor
- organization
- alternative title
- En studie av digitala valutors potential som hedge mot valutakursrisk
- course
- FEKN90 20141
- year
- 2014
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- bitcoin, kryptovaluta, digital valuta, valutakursrisk, hedge, guld
- language
- Swedish
- id
- 4628813
- date added to LUP
- 2014-09-09 14:41:57
- date last changed
- 2014-09-09 14:41:57
@misc{4628813,
abstract = {{Exchange rate risk has historically been dealt with through negatively correlated or uncorrelated instruments in order to reduce the overall risk in a portfolio. As a result of an integrated world, such instruments have become increasingly rare. Commodities such as gold have demonstrated a negative relationship, therefore much of the underlying theory in this thesis is strongly related to gold. Digital currencies are a new phenomenon and a very limited area within financial research. These currencies are usually divided into different categories, with cryptocurrencies being one of them, to which the currency Bitcoin belongs. Since the technical construction and market of cryptocurrencies are similar to one another, Bitcoin is considered to be representative of these newer digital currencies, which have frequently appeared in political contexts and media as of late. There is an evident likeness between the process of cryptocurrency creation and gold extraction, amongst other similiarities between these two. The Bitcoin has, in spite of is short existence relative to gold, demonstrated a negative relationship with exchange rates expressed in dollars, and can through this be said to be an effective hedge against the dollar, although the dependability of this relationship is questionable. The currency is extremely volatile and has not yet reached stability, which can partly be explained by its floating legal status and the lack of institutional connection. Cryptocurrencies have been subjected to much speculation and thus the value conservative feature of these currencies has been reduced. From this perspective, new digital currencies should be regarded as assets rather than currencies.}},
author = {{Holmström Van Der Weyden, Victor and Eskilsson, Camilla}},
language = {{swe}},
note = {{Student Paper}},
title = {{Är digital valuta det nya guldet?}},
year = {{2014}},
}