Биткойн срещу блокчейн бизнес приложението в контекста на пазарната ефективност
The empirical study aims to verify the existence of a relationship between the extreme volatility dynamics of Bitcoin and the business application of blockchain technology. If the extreme amplitudes of volatility fluctuations of the most representative cryptocurrency are related to the performance of the business application of blockchain technology, then the characteristics of Bitcoin volatility and that of the stocks of companies actively applying blockchain technology in their business model should be similar. In order to investigate these characteristics, the assumptions of the Efficient Markets Hypothesis are used and the measurement of market efficiency and the magnitude of impact of market shocks are carried out. Examining the volatility characteristics of Bitcoin and the 16 companies studied showed not only significant differences, but also opposite characteristics, both in terms of market efficiency and how market (shock) impulses are reflected. These empirical results give us a reason to reject the possibility of determining the existence of extreme volatility of Bitcoin with the results of the practical application of blockchain technology in a business environment and put the emphasis on the role of market psychology and the rationality of investment expectations as a significant factor in the dynamics of Bitcoin volatility.
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