ABSTRACT

TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

CHAPTER 1. INTRODUCTION

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

CHAPTER 2. LITERATURE REVIEW

CHAPTER 3. DATA AND METHODS

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

CHAPTER 4. RESULTS AND DISCUSSION 46

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

CHAPTER 5. CONCLUSION

CHAPTER 6. FUTURE STUDIES

REFERENCES