Gambling or Investing: What is the fundamental value of Bitcoin | Börse Stuttgart | Bitcoin

Gambling or Investing: What is the fundamental value of Bitcoin | Börse Stuttgart | Bitcoin


Hallo, wir sind hier bei Eric 2019 European retail
investment conference
Gastbeger ist die Börse Stuttgart
Ich bin hier mit Albert Mangveld
Albert Mangveld war der keynote speaker
heute bei der Konferenz er ist Professor
of Finance bei der Freien Universität
Amsterdam
sowie bei der University of the
Tilburg Institute. Albert,
dein Fokus lag bislang beim Wertpapierhandel
der Preisfindung und financial
econometrics. Jetzt konzentrierst du dich mehr
auf Bitcoin und
Kryptowährungen sowie deren Preisfindung.
Lass mich dir ein paar Fragen stellen
die viele Menschen bewegen
zunächst allgemein
was ist eine Kryptowährung? Ich glaube
Kryptowährungen sind eine Alternative
zur normalen Währungen. Ein Weg
eine Währung zu haben, ohne physisch
etwas in der Hand zu haben. Sie ist eher
gespeichert auf deinem Computer
so kann es gut funktionieren
wie eine normale Währung, ist also
eine echte Alternative oder
eine Erweiterung für eine Währung. Ich glaube
das Potenzial ist, dass die Menschen
dahinter sie sehr aggressiv vermarkten
sowohl als eine Alternative zu einer
Währung in dem Sinne
dass du keine Regierung mehr brauchst
oder eine Zentralbank.
so in a way the people can run a
currency among themselves without the
institution’s there’s a cryptocurrency
have a fundamental value or is there
something that we can use to give it a
price there factors that are that
influence it so this is part of a paper
that I’ve just written with researchers
at Toulouse University McGill and AC
Paris where we’re gonna take a serious
look at it as a currency and and then
we’re interested in what are the
required returns then if you have if you
consider it as a as a currency for
example Bitcoin expressed in terms of
dollars and and if you think about it
thoroughly what you conclude is that
they require return on a Bitcoin needs
to be related to the transactional
benefit of having that alternative to it
to our fiat money to two dollars or
Euros or the transactional cost I mean
we all know it’s significantly the
significant cost of converting your euro
to a dollar if that’s the case if that
cost is high then you need to have that
return in the Bitcoin to compensate you
for that extra cost but there’s also the
transactional benefit you might be able
to more cheaply do cross-border
transfers and and other transactional
illicit transaction potentially and that
give you a benefit of the currency so if
those are particularly high in a
particular time for example if a lot of
companies accept bitcoins then the
required return on Bitcoin doesn’t need
to be at high because you get the
convenience of the transactional benefit
mm-hmm could crypto currencies like
Bitcoin could they also be seen as a
form of investment or just as a
replacement or a compliment for for
money well anything could be a form of
investment so if you look at it from
there from the perspective of the
festers you might want to buy them
because you believe that it’s gonna be
like a solid and large-scale alternative
to currencies in the future or you might
like the required returns that come with
it either either either one could be a
reason but I like to to warn the
potential investors that there is a
significant amount of all
you take on when you take
cryptocurrencies you have to be aware
that and make sure that you diversify
you’re able to diversify that volatility
mm-hm
have you heard of buys on a new
application that’s here in-house yes I
did I did and and buys on as I
understand it is a is an app that I can
actually download on my phone I mean for
Germans I believe it’s already there for
Dutch or other Europeans it’s going to
come soon and and it’s supposedly as a
cost efficient way to to participate in
in crypto currencies and how does it
distinguish itself from the others I
think one of the at least the the
selling points is that there is a
traditional exchange this took Bursa
behind it so it’s got that made in
Germany stamp the mark oh yeah thank you
very much and talk to you next time

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