The Review of Economics, Finance & Investments

Blockchain as a determinant of bitcoin value

Robert W. Włodarczyk — 2021-11-03

The article discusses the determinants of the bitcoin (BTC) price value, with particular emphasis on blockchain technology. The method of critical analysis of the literature on the subject was applied, and the state of knowledge in this field was established by juxtaposing different views of researchers on the BTC price value. It has been proven that BTC, being unquestionably a financial innovation, has been subjected to a free valuation of its price in the markets. While observing the development of BTC quotations, potential causes of numerous fluctuations in its market valuation were searched for. The article shows that the expectations related to the use of BTC are relatively highly valued by investors in modern financial markets. A more efficient currency, competition between currencies or the provision of new technological solutions may bring benefits to markets and economies, which, discounted at the present time, generate a certain value. Therefore, the paper shows that the BTC value creation mechanism is therefore different from that of fiat currencies. It has also been confirmed that the promotion of one of the most popular distributed data registers, which is blockchain, is of great value for BTC. BTC has led to the development of blockchain technology that is used in various segments of the economy. Basing BTC's operation on a public data register is the strength of the entire BTC network, but it also brings many risks and uncertainties. Further, research should focus on searching for the economic effects that result from the development of blockchain technology in modern economies.

The development of energy blockchain and its implications for the energy sector

Magdalena Sikorska — 2021-11-03

Although blockchain technology was initially thought to be dedicated to digital currency applications, the study groups quickly realised its usability that it could be beneficial to various sectors of society, industry, and business, including the sector of electricity. Currently, the European energy sector is in the process of transformation, which is associated with the transition from conventional to renewable energy using the latest technological solutions, also based on blockchain technology. This paper reviews the academic literature and industry practices of the implementation of blockchain in the energy sector. The systematic review by considering two sources is attempting to integrate insights from different bodies of knowledge. The results show that the number of publications about blockchain technology in the energy sector has been skyrocketing, especially since 2017, indicating that combining blockchain technology with the energy sector is a new cross-cutting research area with increasing attention.

Speculation in the cryptocurrency market

Paweł Milka — 2021-11-03

The article analyses the impact of speculation on the cryptocurrency market. In the introduction, the author interprets the meaning of the speculation and a speculator’s way of thinking. The literature review was broken down into two aspects. The first is to analyse the literature on the subject in terms of the cryptocurrency market. The second is an analysis of the sentiment index, which becomes the primary research method. The analysis of the sentiment value shows a high correlation between the impact of sentiment on the value of cryptocurrencies. Further recommendations are to analyse the sentiment with regard to listed companies (Polish and international) and stock indices (including the forex market).

Cryptocurrencies and blockchain – challenges and threats

Kamil Jurczyk — 2021-11-03

In recent years, one of the most frequently discussed aspects in the world of economics has been the use of blockchain technology in economic life and the growing popularity of cryptocurrencies. Both blockchain and cryptocurrencies have incredible potential, and it is only a matter of time before they become part of daily life. The world's largest companies regularly invest in projects related to cryptocurrencies and blockchain. On the other hand, some countries have decided to ban all private cryptocurrencies and instead develop their own concepts of a digital currency issued by a central bank. This paper aims to discuss the issues related to the potential and threats posed by the development of cryptocurrencies and blockchain technology. The analysis involves technical, social and legal aspects linked to the development of virtual money. All the considerations in the paper are based on a critical analysis of the literature on the subject and the descriptive method.

The calendar anomalies on Warsaw Stock Exchange in 2015-2020

Mateusz Myśliwiec — 2021-11-03

The article is devoted to the subject of popular calendar anomalies. According to the theory of finance, if investors act rationally, the market can be considered efficient. In such a situation, achieving an above-average rate of return is impossible, as securities reflect all available information about them. However, on the basis of many studies and assumptions of behavioral economics, numerous exceptions to this rule have been discovered, which have been called market anomalies or stock anomalies. Such a deviation is the "January effect" and "January barometer" described in this work. The aim of the article is to investigate whether there is a deviation on the Warsaw Stock Exchange in 2015-2020 called the "January effect" and also whether the return rate in January can be a good prognosis for the rest of the year. In the results of the analysis, the occurrence of the title calendar effects in the studied sample was not unequivocally stated.