Can Bitcoin Investors Profit from Predictions by Crypto Experts?

Publikation: Beitrag in FachzeitschriftForschungsartikelBeigetragen

Beitragende

Abstract

Using a hand-collected dataset containing bullish, neutral, and bearish predictions for Bitcoin published by crypto experts, we show that neutral and bearish predictions are followed by negative abnormal returns whereas bullish predictions are not associated with nonzero abnormal returns. Based on all outstanding predictions, we compute prediction revisions relative to (i) the latest issued prediction and (ii) the outstanding consensus prediction. Downward revisions are followed by negative abnormal returns. We conclude that crypto experts are skilled information intermediaries on the Bitcoin market.

Details

OriginalspracheEnglisch
Aufsatznummer102266
Seitenumfang7
FachzeitschriftFinance Research Letters
Jahrgang46
PublikationsstatusVeröffentlicht - Mai 2022
Peer-Review-StatusNein

Externe IDs

Scopus 85109754499
ORCID /0000-0003-4359-987X/work/142255144

Schlagworte

ASJC Scopus Sachgebiete

Schlagwörter

  • Bitcoin, Cryptocurrencies, Forecasts, Experts, Predictions, Market efficiency, Analysts

Bibliotheksschlagworte