Cash in the Pocket, Cash in the Cloud: Cash Holdings of Bitcoin Owners

被引：0

作者：

Balutel, Daniela ^{[1
,2
]}

Henry, Christopher S. ^{[2
]}

Huynh, Kim P. ^{[2
]}

Voia, Marcel C. ^{[3
]}

机构：

[1] York Univ, Toronto, ON, Canada

[2] Bank Canada, Currency Dept, 234 Wellington St, Ottawa, ON K1A 0G9, Canada

[3] Lab Econ Orleans, Rue Bloi BP 26739, F-45067 Orleans 2, France

来源：

INTERNATIONAL JOURNAL OF CENTRAL BANKING | 2024年 / 20卷 / 03期

关键词：

TECHNOLOGY;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Are private digital currencies such as Bitcoin a substitute for physical cash? We test this hypothesis using data from the Bank of Canada's Bitcoin Omnibus Survey. We estimate the effect of Bitcoin ownership on the level of cash holdings. We find a positive correlation between Bitcoin ownership and cash holdings. This effect remains after accounting for selection into ownership. On average, Bitcoin owners hold 83 percent (in 2018) to 95 percent (in 2017) more cash than non-owners. Quantile regressions find that Bitcoin ownership has a nonlinear effect on cash holdings. The difference varies from 63 percent (25th quantile) to 176 percent (95th quantile) in 2017. Our results provide evidence that Bitcoin adopters also hold cash.

引用

页码：115 / 159

页数：45

共 50 条

[1] Bitcoin vs. Bitcoin Cash: Coexistence or Downfall of Bitcoin Cash?
Kwon, Yujin
Kim, Hyoungshick
Shin, Jinwoo
Kim, Yongdae
[J]. 2019 IEEE SYMPOSIUM ON SECURITY AND PRIVACY (SP 2019), 2019, : 935 - 951
[2] Asymmetric cash flow sensitivity of cash holdings
Bao, Dichu
Chan, Kam C.
Zhang, Weining
[J]. JOURNAL OF CORPORATE FINANCE, 2012, 18 (04) : 690 - 700
[3] Multinationals and cash holdings
Fernandes, Nuno
Gonenc, Halit
[J]. JOURNAL OF CORPORATE FINANCE, 2016, 39 : 139 - 154
[4] Nalco owners to cash in
不详
[J]. CHEMICAL & ENGINEERING NEWS, 2005, 83 (30) : 15 - 16
[5] Customers and cash: How relationships affect suppliers' cash holdings
Itzkowitz, Jennifer
[J]. JOURNAL OF CORPORATE FINANCE, 2013, 19 : 159 - 180
[6] Trust and corporate cash holdings
Dudley, Evan
Zhang, Ning
[J]. JOURNAL OF CORPORATE FINANCE, 2016, 41 : 363 - 387
[7] Assessing Cash Holdings in Agribusiness
Trejo-Pech, Carlos O.
Gunderson, Michael A.
Baker, Timothy G.
Gray, Allan W.
Boehlje, Michael D.
[J]. INTERNATIONAL FOOD AND AGRIBUSINESS MANAGEMENT REVIEW, 2015, 18 (04): : 85 - 103
[8] Diversified Investment and Cash Holdings
Geng Hanxing
[J]. PROCEEDINGS OF THE THIRD INTERNATIONAL SYMPOSIUM - MANAGEMENT, INNOVATION & DEVELOPMENT, BKS ONE & TWO, 2016, : 978 - 982
[9] The Determinants of REIT Cash Holdings
William G. Hardin
Michael J. Highfield
Matthew D. Hill
G. Wayne Kelly
[J]. The Journal of Real Estate Finance and Economics, 2009, 39 : 39 - 57
[10] Cash holdings in pension funds
Hasa, Sidita
Salva, Carolina
[J]. JOURNAL OF BANKING & FINANCE, 2024, 161

← 1 2 3 4 5 →