The explosion in cryptocurrencies:a black hole analogy  

作　　者：Antonis Ballis Konstantinos Drakos 

机构地区：[1]Department of Accounting and Finance,School of Business,Athens University of Economics and Business,76 Patission Street,10434 Athens,Greece

出　　处：《Financial Innovation》2021年第1期185-192,共8页金融创新（英文）

基　　金：This research is co-financed by Greece and the European Union(European Social Fund-ESF)through the Operational Programme《Human Resources Development,Education and Lifelong Learning》in the context of the project“Strengthening Human Resources Research Potential via Doctorate Research”(MIS-5000432),implemented by the State Scholarships Foundation(IKY).

摘　　要：Using an analogy between finance and astrophysics,this study aims to investigate whether there exists a mechanism that can describe the explosive increase in the number of traded cryptocurrencies and the cryptocurrency market in general.In physics,the Schwarzschild radius indicates that black holes are constantly expanding because of their mass increase.Enriching this analogy,we consider the cryptocurrency market as a self-gravitational body whose mass is denoted by(1)the number of traded cryptocurrencies and(2)in terms of increasing market capitalization for a given number of traded cryptocurrencies.By analyzing weekly snapshot data of all traded cryptocurrencies from January 4,2009,to June 14,2020,we find evidence that the above-mentioned mechanism exists.The results clearly indicate the self-gravitational property of the cryptocurrency market,which is direct evidence toward the hypothesis that the changes in the traded cryptocurrencies are a positive function of the previous period’s number of traded cryptocurrencies.

关 键 词：Bitcoin Cryptocurrencies ECONOPHYSICS Negative specific heat Thermodynamic disequilibrium 

分 类 号：F42[经济管理—产业经济]