The research shows that speculation is not the only factor affecting the price of bitcoin
What are the factors that affect the price of bitcoin, scholars and investors have their own opinions. Recently, the Economic Research Institute of Prague Charles University Ladislav Kristoufek published “who is the main promoter of the price of bitcoin paper, established a mathematical model for the correlation analysis of factors of bitcoin price changes.
Chinese factor: Kristoufek that although some of the events Chinese indeed had an impact on the international market, but have little impact on prices.
Bitcoin is not a safe haven asset: Kristoufek to the financial crisis in Cyprus as an example, the use of financial pressure index of the Federal Reserve Bank of Cleveland and the Swiss Franc denominated gold prices, did not find a strong link between bitcoin and is regarded as a safe haven gold, according to the inference of bitcoin is not a safe haven asset.
Market sentiment: the findings of Kristoufek is one of the investor interest and bitcoin popularity may affect prices, but also in the market in the uplink and downlink when the influence is not balanced. He was on the network search and comparison of price changes, found that negative attention than positive attention can affect the price.
Basic factors: many analysts think that speculation is the key factor affecting the price of bitcoin, Kristoufek does not directly refute this argument, only assuming that the market has basic factors. He believes that although bitcoin is generally regarded as speculation, but can find a lot of basic factors play a role in the price of long-term changes, such as trading volume, money supply and price level etc..