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The purpose of this paper is to examine users’ decision-making mechanism of speculative investment behavior and its sequential consequences in the Bitcoin context from a dual-systems perspective.

Original data were collected via a survey of 334 participants with experience in Bitcoin speculative investment. The partial least squares method was used to test the proposed model.

Speculative investment behavior in the Bitcoin context is driven by strong impulse and weak self-control, leading to negative consequences. The extent of the imbalance between the two cognitive systems is greater with the subjective norm than without it, thus facilitating speculative investment behavior. Noteworthy differences in the impulse and self-control effects on Bitcoin speculative investment are found with differences in Bitcoin objective and subjective knowledge.

This study is the first attempt to empirically investigate users’ decision-making mechanism used when speculating in Bitcoin.

This study aims to investigate the effect of risk tolerance on the individual choice of adopting Bitcoin in the form of making and receiving payment and receiving compensation.

The study uses data collected from an anonymous survey of 225 undergraduate and graduate students to measure their risk attitude using the general risk-taking propensity scale proposed by Zhang et al. (2018) and the risk-taking index, proposed by Nicholson et al. (2018). After controlling for a variety of personal traits, the study uses logistic regression to identify the predicted probabilities and marginal effects on individual choice of adopting Bitcoin.

The findings of this study suggest that individuals with a higher risk-seeking attitude are more likely to choose to receive payment for goods they sell in Bitcoin and more likely to choose to receive a portion of their compensation in cryptocurrency. Individuals in the higher-income groups are more likely to adopt Bitcoin 46% and 65% than their lower 14% and 45% and middle income 4% and 18% counterparts. While there was no statistically significant difference between males and females in adopting Bitcoin, respondents between the age of 26 and 29 were more likely to adopt Bitcoin. The effect on receiving gold was slightly smaller but highly comparable to that of receiving Bitcoin, which highlights a similar perception of risk toward the Bitcoin and gold.

The study uses a new data set collected by surveying 225 individuals and two different risk measurements to identify the relationship between perceived risk and Bitcoin adoption.

The paper aims to understand the possible determinants of knowledge of, and interest in using, blockchain, with a particular focus in the future intention to apply this technology. Blockchain technology is deemed to radically change business models and processes. Using this technology in small and medium enterprises (SMEs) is still a novel idea. Moreover, not much is known about the diffusion and level of interest towards blockchain in SMEs. This research adopts a knowledge management perspective, drawing on technology acceptance model to highlight the level of blockchain technology diffusion, and to explore which factors lead SMEs’ to adopt blockchain.

This study distributed a questionnaire to a sample of 300 SMEs in Italy. This study received 96 responses (32% response rate). This study calculated descriptive statistics and undertook a reliability analysis. Finally, this study performed a logistic regression to analyse the determinants of further intention to use blockchain technology.

Results show that blockchain technology is quite well known, but the level of knowledge is limited. Moreover, the research reveals that the rate of adoption is very low. Interest in the future adoption of blockchain is associated with knowledge, perception of usefulness and ease of use of blockchain.

This paper is one of the first explorative studies showing which factors lead SMEs to adopt blockchain technologies and shedding some light on the interaction between knowledge management and blockchain adoption and diffusion in SMEs. It highlights how blockchain knowledge could determine future interest in blockchain innovation. This paper is relevant for public and private institutions that aim to promote, through knowledge management, the adoption of blockchain in SMEs.

Bitcoin is difficult to categorize and indeed has been associated with 112 different labels in the British media (e.g., “private money,” “commodity”) – most of which poorly describe bitcoin. Specifically, our analyses of 674 media articles, focusing on the relationship between labeling and categorization, identify classification inconsistencies at three levels: within clusters of labels, between labels and categories, and between category attributes. These inconsistencies hamper categorization based on attribute similarity, audience goals, and causal models, respectively. We identify four factors that nurture this categorical anarchy and conclude with a call for research on the socioeconomic revolution heralded by blockchain technology.

This study aims to examine the factors that could increase the investment in the Bitcoin market among Malaysian Muslim communities.

The study used a survey questionnaire to collect data for a sample of 200 Muslim respondents in Malaysia. Subsequently, the collected data was analysed using structural equation modelling, as well as basic descriptive statistics and one sample test.

The findings showed that compatibility, awareness and facilitating conditions have a significant impact on Malaysian Muslim communities’ investment in the Bitcoin market.

It is worth emphasizing that this is one of the earliest studies that examine the Muslim communities’ perception and willingness to invest in the Bitcoin market. Hence, it is expected to be one of the foundations for future studies in this area.

This study examines the inter-linkages between Bitcoin prices and CEE stock markets (Hungary, the Czech Republic, Poland, Romania and Croatia).

The dynamic contemporaneous nexus has been analyzed using both the multivariate DECO-GARCH model proposed by Engle and Kelly (2012) and quantile on quantile (QQ) methodology proposed by Sim and Zhou (2015). Our study is implemented using the daily data spanning from 6 September 2012 to 12 August 2019.

First, the findings show that the average return equicorrelation across Bitcoin prices and CEE stock indices are positive, even though it is found to be time-varying over the research period shown. Second, the Bitcoin-CEE stock market association has positive signs for most pairs of quantiles of both variables and represents a rather similar pattern for the cases of Poland, the Czech Republic and Croatia. However, a weaker and primarily negative connectedness is found for Hungary and Romania, respectively. Furthermore, the interconnectedness between the co-movements in the Bitcoin market and stock returns changes significantly across quantiles of both variables within each nation, indicating that the Bitcoin-stock market relationship is dependent on both the cycle of the stock market and the nature of Bitcoin price shocks.

The evidence documented in this study has significant implications for divergent economic agents, including global investors, risk managers and policymakers, who would benefit from a comprehensive knowledge of the Bitcoin-stock market relationship to build efficient risk-hedging models and to conduct appropriate policy reactions to information spillover effects in different time horizons.

This paper is the first study employing both the multivariate DECO-GARCH model and QQ methodology to shed light on the nexus between Bitcoin prices and the stock markets in CEE countries. The DECO model uses more information to compute dynamic correlations between each pair of returns than standard dynamic conditional correlation (DCC) models, declining the estimation noise of the correlations. Besides, QQ approach allows us to capture some nuanced features of the Bitcoin-stock market relationship and explore the interdependence in its entirely. Therefore, the main contribution of this article to the related literature in this field is significant.

本研究旨在探討比特幣的價格與中東歐股市(匈牙利、捷克共和國、波蘭、羅馬尼亞和克羅地亞) 之相互聯繫.

研究使用恩格爾與凱利(2012)(Engle and Kelly (2012)) 提出的多變量DECO-GARCH模型及Sim 與Zhou(2015)(Sim and Zhou ( 2015)) 研製的分位數-分位數方法來分析動態同期的聯繫。我們的研究使用由2012年9月6日至2019年8月12日期間取得的每日數據來進行.

首先、研究結果顯示、跨比特幣價格與中東歐股價指數的平均回報當量關聯是正相關的，即使在研究期間被發現是隨時間而變化的。第二、比特幣與中東歐股市之聯繫在大多數兩變數分位數對而言出現正相關跡象，而且，這聯繫在波蘭、捷克共和國及克羅地亞而言表現一個頗相似的模式。唯就匈牙利而言、這聯繫則較弱、而羅馬尼亞則主要是負聯繫。研究結果亦顯示: 比特幣市場內的聯動與股票回報間之內在關聯會在每個國家內跨兩個變數的分位數而顯著地改變，這顯示比特幣-股市關係是取決於股市的週期和比特幣價格衝擊的本質.

本研究所記載的證據、對不同的經濟行為者而言極具意義 (這包括國際投資者、風險管理經理和政策制定者)，因他們會受惠於對比特幣-股市關係的全面認識，他們可建立有效的風險對沖模型、及在不同時間範圍對資訊溢出效應進行適當的政策反應.

本文為首個研究使用多變量DECO-GARCH模型和分位數-分位數(QQ)方法、來解釋比特幣價格與中東歐國家之股市的關係。這DECO模型使用比標準動態條件關係模型更多資訊，來計算每對回報間之動態關係，這能減少估測雜訊，而且，QQ方法讓我們可以取得比特幣-股市關係的一些細微特徵及全面地探索其相互依賴性。因此，本文的主要貢獻是在這學術領域內有關的文獻上.

This paper aims to study the dynamics of bitcoin prices in Brazil, a large emerging economy with an unregulated bitcoin market.

First, this study tests if the Law of One Price (LOOP) is valid for bitcoin prices in Brazil, conducting tests with data from three Brazilian exchanges. Next, this study documents bitcoin price dynamics in the short run by studying the price discovery mechanism in these exchanges. This study uses Information Share and Component Share, combining the two measures to obtain an Information Leadership Share (ILS) measure.

This study finds a common trend within bitcoin prices among a set of exchanges, with cointegration tests between the price series indicating that LOOP is valid in Brazilian markets in the long run. ILS indicated that, for closing prices, the most liquid exchange (Foxbit) leads discovery, whereas the least liquid (Local Bitcoin) lags, with Mercado Bitcoin in the middle both in terms of discovery and liquidity. Finally, this study provides evidence that the price variation in the market that leads price discovery can be used to construct an arbitrage in another exchange.

This research brings the first evidence of a price discovery mechanism for exchanges in Brazilian Reais. Although LOOP is valid in the long run, price leadership in bitcoin markets potentially create arbitrage opportunities in the short run. This study contributes to the growing literature of bitcoin prices with novel evidence from a large emerging economy.

This paper aims to explore the challenge posed by Bitcoin to regulators, particularly anti-money laundering regulators. Bitcoin is a crypto-currency based on open-source software and protocols that operates in peer-to-peer networks as a private irreversible payment mechanism. The protocol allows cross-border payments, for large and small items, with little or no transactional costs.

Case studies and case law are examined as are relevant reports by regulators.

Bitcoin is based on complex computer code supported by a robust community in a peer-to-peer network. Unlike other virtual currencies, Bitcoin appears to have obtained purchase and as such poses unique challenges to regulators.

Bitcoin is at a nascent stage and the evolution of the virtual currency is difficult to predict.

Those who study financial systems, anti-money laundering regimes and asset forfeiture laws will have an interest in this topic.

This is a new and emerging currency; there is limited literature on the implications of this currency to anti-money laundering systems.

The study considers time-varying risk premium in investigating the capability of technical analysis (TA) to predict and outperform a buy–hold strategy in Bitcoin exchange rate returns.

The study tests the technical trading rule of fixed moving average (FMA) on daily actual and equilibrium returns of Bitcoin exchange rates. The equilibrium returns are computed using dynamic CAPM in conjunction with a VAR-MGARCH (1, 1) system. The empirical evaluation of the study uses a case study of four Bitcoin exchange rates (BTC/AUD, BTC/EUR, BTC/JPY and BTC/ZAR) for the period 19 June 2010 to 30 October 2020.

The findings are consistent with related studies in conventional foreign exchange markets that find TA to be profitable, especially in emerging markets. Nevertheless, the consideration of risk premium has the effect of reducing the abnormal returns. Also, further robust tests reveal that Bitcoin returns possess a momentum effect which prompts further study in efficient market hypothesis research.

The empirical findings of this study should benefit portfolio managers and active investors on the strength of TA to predict returns in a speculative market like the Bitcoin exchange rate market.

The study takes cognisance that cryptocurrency trading is speculative in nature which renders it a good candidate for TA methods. While there are studies that have explored the value of TA in Bitcoin exchange rates, these studies fail to incorporate the effects of time-varying risk premiums, the strength and focus of the current paper.

Blockchain is creating many opportunities for business as it is transforming the way sustaining technologies operate in organizations. In blockchain, transactions are recorded as digital blocks and contain immutable properties to preserve data validation, encryption, and algorithms. The goal is to provide uniqueness and resistant to fraud. For example, digital currencies use a shared network to permanently record transactions but operate in decentralized mode to secure independence among participants. The potential applications of blockchain are unlimited and proliferating although several initiatives are still in development. Many industries are already capitalizing on experimental blockchain projects. Leaders in those industries are partnering with R&D and start-up companies to determine opportunities. Also, research universities have dedicated labs to focus on new theoretical concepts or improvements that can be leveraged in healthcare, global rights management, and decentralized publishing to name a few. Blockchain is called as “trustless system” because it can disrupt entire industries. This chapter explores the blockchain origins and its underlying technologies to understand concepts and become familiar with the latest development. A crypto-digital currency like Bitcoin will be introduced in some detail to bring awareness to the benefits, risks, and ethical concerns. A discussion on regulations will be included to investigate how government policy affects cryptocurrencies and related security. In the interest of blockchain inspired projects, the chapter will also introduce a broader discussion on new ventures adopting blockchain attributes and the trends of gradual technology implementation among early adapters.