Periodically collapsing rational bubbles model speculative demand in asset markets. The price and quantity of bitcoin are integrated of different orders, which is evidence of a bubble. Cointegration tests that allow for the potential presence of such bubbles with alternative proxies for fundamentals cannot reject a bubble in bitcoin.

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比特币的泡沫与理性

周期性崩溃的理性泡沫为资产市场的投机需求建模。比特币的价格和数量是由不同订单整合而成的，这表明存在泡沫。允许这种气泡与基本原理的替代代理一起潜在存在的协整测试不能拒绝比特币中的气泡。