We offer a general equilibrium analysis of cryptocurrency pricing. The fundamental value of the cryptocurrency is its stream of net transactional benefits, which depend on its future prices. This implies that, in addition to fundamentals, equilibrium prices reflect sunspots. This in turn implies multiple equilibria and extrinsic volatility, that is, cryptocurrency prices fluctuate even when fundamentals are constant. To match our model to the data, we construct indices measuring the net transactional benefits of Bitcoin. In our calibration, part of the variations in Bitcoin returns reflects changes in net transactional benefits, but a larger share reflects extrinsic volatility.

中文翻译：

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均衡比特币定价

我们提供加密货币定价的一般均衡分析。加密货币的基本价值是其净交易收益流，这取决于其未来价格。这意味着，除了基本面之外，均衡价格还反映了太阳黑子。这反过来又意味着多重均衡和外在波动性，即即使基本面不变，加密货币价格也会波动。为了将我们的模型与数据相匹配，我们构建了衡量比特币净交易收益的指标。在我们的校准中，比特币回报的部分变化反映了净交易收益的变化，但更大一部分反映了外部波动性。