Zhodnocení vlivu vybraných faktorů na vývoj ceny Bitcoinu

Abstract

The aim of this thesis is to describe the theoretical background of the cryptocurrency of Bitcoin and also to prove the interconnection between Bitcoin and selected economic quantities. The aim is to evaluate the selected factors’ influence on Bitcoin price development within the five-year-period of July 2012 – July 2017. The factors include the amount of mined Bitcoins, the volume of Bitcoin transactions per day, the value of the Standard& Poor’s 500 stock index, Effective Federal Funds Rate, gold price, SSE Composite stock index value and the average electricity price on the American market. The evaluation of these factors has been based on seven single-factor models, and further also on two multi- factor models. This thesis is divided in five chapters. The first chapter is the introduction. The second chapter deals with the theoretical description of Bitcoin cryptocurrency. The third chapter deals with the theoretical definition of Econometric Analysis methods. The fourth chapter evaluates the individual factors, based on the seven single-factor and two multi-factor models. The conclusion summarizes the achieved results.