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Originally published in: 2016
Version: 8-Jun-2016
Length: 22 pages
Data source: Published sources

Abstract

The bitcoin movement started in January 3, 2009 with the release of the first set of 50 bitcoins. In its initial stages, bitcoin was worth only 1309 BTC = 1USD on October 5, 2009 when the first exchange rate was published. Now the price has risen to 505.06USD per bitcoin as on August 22, 2014. Bitcoin which is considered as an online virtual currency shares characteristics similar to that of an equity, currency, and social network. The rise of bitcoin has raised regulatory concerns with many well-known skeptics like Warren Buffet calling it ‘evil’. So how do we know if bitcoin is going through a bubble, looking at the price increases in recent times? The unique feature of bitcoin makes for different approaches to its valuation. What does this valuation suggest for bitcoin – is it overvalued or undervalued? Is the price increase expected to continue for bitcoin?
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Abstract

The bitcoin movement started in January 3, 2009 with the release of the first set of 50 bitcoins. In its initial stages, bitcoin was worth only 1309 BTC = 1USD on October 5, 2009 when the first exchange rate was published. Now the price has risen to 505.06USD per bitcoin as on August 22, 2014. Bitcoin which is considered as an online virtual currency shares characteristics similar to that of an equity, currency, and social network. The rise of bitcoin has raised regulatory concerns with many well-known skeptics like Warren Buffet calling it ‘evil’. So how do we know if bitcoin is going through a bubble, looking at the price increases in recent times? The unique feature of bitcoin makes for different approaches to its valuation. What does this valuation suggest for bitcoin – is it overvalued or undervalued? Is the price increase expected to continue for bitcoin?

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