Corbet et al. (2018)

Limited connectedness between cryptocurrency markets and other financial markets such as gold, bond FX, SP 500, VIX and GSCI

Cryptocurrency market contains its own idiosyncratic risks that are difficult to hedge against


Demir et al. (2018)

Bitcoin can serve as a hedging tool against economic policy uncertainty


Guesmi et al. (2018)

Dyhrberg (2016)

1) A short position in the Bitcoin market allows hedging the risk investment for various financial assets

2) Portfolio made of gold, oil, equities and Bitcoin reduce portfolio’s risk considerably as compared to the risk of the portfolio made up of gold, oil and equities only.

Tax treatment of Bitcoin is not very clear across borders


Eyal et al. (2018)

Explained an attack on Bitcoin which can have significant consequences: rational miners will prefer to join the selfish miners, and the colluding group will increase in size until it becomes a majority

1) Bitcoin protocol is not incentive-compatible

2) Explained an attack with which colluding miners obtain a revenue larger than their fair share