TY - JOUR AU - Ortisi, Matteo PY - 2016/12/21 Y2 - 2024/03/19 TI - Bitcoin Market Volatility Analysis Using Grand Canonical Minority Game JF - Ledger JA - ledger VL - 1 IS - 0 SE - Research Articles DO - 10.5195/ledger.2016.61 UR - https://ledgerjournal.org/ojs/ledger/article/view/61 SP - 111-118 AB - <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> ER -