The research seeks to contribute to Bitcoin pricing analysis based on the dynamics between variables of attractiveness and the value of the digital currency. Using the error correction model, the relationship between the price of the virtual currency, Bitcoin, and the number of Google searches that used the terms bitcoin, bitcoin crash and crisis between December 2012 and February 2018 is analyzed. The study also applied the same analysis to prices of Bitcoin denominated in different sovereign currencies traded during the same period. The Johansen (J Econ Dyn Control 12:231-254, 1988) test demonstrates that the price and number of searches on Google for the first two terms are cointegrated. This research indicates that there are strong short-term and long-term dynamics among attractiveness factors, suggesting that an increase in worldwide interest in Bitcoin is usually preceded by a price increase. In contrast, an increase in market mistrust over a collapse of the currency, as measured by the term bitcoin crash, is followed by a fall in price. Intense world economic crisis events appear to have a strong impact on interest in the virtual currency. This study demonstrates that during a worldwide crisis Bitcoin becomes an alternative investment, increasing its price. Based on it, bitcoin may be used as a safe haven by the financial market and its intrinsic characteristics might help the investors and governments to find new mechanisms to deal with monetary transactions.

中文翻译：

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比特币定价：吸引力变量的影响

该研究旨在基于吸引力变量与数字货币价值之间的动态关系，为比特币定价分析做出贡献。使用纠错模型，分析了虚拟货币比特币的价格与 2012 年 12 月至 2018 年 2 月期间使用比特币、比特币崩盘和危机等词的谷歌搜索数量之间的关系。该研究还对同期交易的以不同主权货币计价的比特币价格进行了相同的分析。Johansen (J Econ Dyn Control 12:231-254, 1988) 测试表明前两个词在 Google 上的搜索价格和搜索次数是协整的。本研究表明，吸引力因素之间存在强烈的短期和长期动态，这表明全球对比特币的兴趣增加通常先于价格上涨。相比之下，以比特币崩盘来衡量，市场对货币崩盘的不信任感增加，随后价格下跌。激烈的世界经济危机事件似乎对虚拟货币的兴趣产生了强烈影响。这项研究表明，在全球危机期间，比特币成为一种替代投资，从而提高了其价格。基于此，比特币可能会被金融市场用作避风港，其内在特性可能有助于投资者和政府找到处理货币交易的新机制。随之而来的是价格下跌。激烈的世界经济危机事件似乎对虚拟货币的兴趣产生了强烈影响。这项研究表明，在全球危机期间，比特币成为一种替代投资，从而提高了其价格。基于此，比特币可能会被金融市场用作避风港，其内在特性可能有助于投资者和政府找到处理货币交易的新机制。随之而来的是价格下跌。激烈的世界经济危机事件似乎对虚拟货币的兴趣产生了强烈影响。这项研究表明，在全球危机期间，比特币成为一种替代投资，从而提高了价格。基于此，比特币可能会被金融市场用作避风港，其内在特性可能有助于投资者和政府找到处理货币交易的新机制。