Another Look at Cryptocurrency Bubbles

Marc Gronwald

Research output: Working paperDiscussion paper

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This paper deals with cryptocurrency bubbles. First, it points out that a number of recent papers on cryptocurrency bubbles are flawed due to an insufficient consideration of the fundamental value of cryptocurrencies. As even fiat money is said to exhibit features of bubbles, the same applies to cryptocurrencies. Thus, any empirical investigation into either the presence of cryptocurrency bubbles or the fundamental value of cryptocurrencies is needless. Second, the paper conducts a short empirical analysis into the relationship of the prices of Etherum and Bitcoin. Evidence of explosive periods is found in the price of Etherum even if this price is expressed in terms of Bitcoin rather than US Dollars. These periods, however, are found to be in the first half of 2016 and 2017, respectively, but not during the price peak period of Bitcoin witnessed end of 2017 and beginning of 2018.
Original languageEnglish
PublisherUniversity of Aberdeen: Business School
Number of pages13
Publication statusPublished - Aug 2019

Publication series

NameDiscussion Papers in Economics and Finance
PublisherUniversity of Aberdeen Business School
ISSN (Print)0143-4543


  • Cryptocurrencies
  • Bubbles
  • Bitcoin
  • Etherum
  • fundamental value
  • intrinsic value
  • fiat money


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