암호화폐의 교환율은 변동성이 크므로 승수개념을 도입해서 분석하면 지불수단의 경우보다 투자로 사용될 때
승수(Multiplier)가 커진다. 이 개념으로 대규모투자발표,유명인의 시장참여및 금융위기시의 큰 가격변동이 설명된다
= The Crypto Multiplier =
The exchange rates of cryptocurrencies are highly volatile. This paper provides insight into the source of this volatility by developing the concept of a "crypto multiplier," which measures the equilibrium response of a cryptocurrency's market capitalization to aggregate inflows and outflows of investors' funds. The crypto multiplier takes high values when a large share of a cryptocurrency's coins is held as an investment rather than being used as a means of payment. Empirical evidence shows that the number of coins held for the purpose of making payments is rather small for major cryptocurrencies suggesting large crypto multipliers. The analysis explains why announcements by large investors, celebrity endorsements or financial crises can result in substantial price movements.
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