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ABSTRACT

TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

CHAPTER 1. INTRODUCTION

• 1.1TERMINOLOGY
• 1.2RESEARCH BACKGROUND
• 1.3PURPOSE OF STUDIES
• 1.4RESEARCH QUESTIONS
• 1.5PAPER OUTLINE

CHAPTER 2. LITERATURE REVIEW

CHAPTER 3. DATA AND METHODS

• 3.1VOLATILITY INDEX
• 3.2COVARIANCE AND CORRELATION
• 3.3BITCOIN FUND DATA
• 3.4BITCOIN OWNERSHIP AND MERCHANT ADOPTION
• 3.5VISANET
• 3.6OTHER INDUSTRY USE CASES
• 3.7BITCOIN STATISTICS
• 3.8ELECTRICITY CONSUMPTION
• 3.9HARDWARE EVOLUTION

CHAPTER 4. RESULTS AND DISCUSSION46

• 4.1BITCOIN IS A HIGHLY SPECULATIVE ASSET
• 4.2BITCOIN IS NOT READY AS A STABLE CURRENCY
• 4.3SCALABILITY IS THE OBSTACLE TO WIDE ADOPTION OF BITCOIN AS METHOD OF PAYMENT
• 4.4BITCOIN’S ELECTRICITY CONSUMPTION CAN BE JUSTIFIED
• 4.5BITCOIN MINING IS ELECTRICITY BUYER OF LAST RESORT
• 4.6BITCOIN IS DRIVING INNOVATION INITIATIVES

CHAPTER 5. CONCLUSION

CHAPTER 6. FUTURE STUDIES

REFERENCES