@article{Ortisi_2016, title={Bitcoin Market Volatility Analysis Using Grand Canonical Minority Game}, volume={1}, url={https://ledgerjournal.org/ojs/ledger/article/view/61}, DOI={10.5195/ledger.2016.61}, abstractNote={<div class="page" title="Page 1"><div class="layoutArea"><div class="column"><p><span>In this paper we propose to use the Grand Canonical Minority Game (GCMG, a highly simplified financial market model) as a model of bitcoin market to show how the lack of an income for “miners”, similar to yield earned by bond holders, could be a structural reason for high volatility of bitcoin price in a reference currency. Coherently with present analysis, the introduction of future contracts on bitcoin would have the effect of reducing the overall market volatility. </span></p></div></div></div>}, journal={Ledger}, author={Ortisi, Matteo}, year={2016}, month={Dec.}, pages={111–118} }