Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.
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ELIZABETH WARREN: Right now, our regulators and frankly our Congress is an hour late and a dollar short, and we need to catch up with where these cryptocurrencies are going.
We also consider two additional factors that account for the finding that in some periods prices drift away from fundamentals. The first factor is the return of Bitcoin. We argue that Bitcoin, being the largest and most traded cryptocurrency, is the most perceptible to sentiment and speculative trading by investors. Thus, as a factor, it can capture periods when trading forces unrelated to fundamentals are the strongest. The second factor is a cryptocurrency price momentum factor that we construct following the seminal work of Jegadeesh and Titman (1993). Momentum effects have been linked to investor psychology (e.g. Barberis et al. 1998).