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Τεκμήριο Cryptocurrencies: determinants of ownership and trust on cryptocurrencies(2021-11-09) Salapata, Danai; Σαλαπάτα, Δανάη; Athens University of Economics and Business, Department of Accounting and Finance; Episcopos, Athanasios; Leledakis, Georgios; Drakos, KonstantinosIn this thesis, we investigated the industry of cryptocurrency, an innovative and constantly rising industry. The purpose of this thesis was the examination of the relationship between cryptocurrencies and official currencies. The variables of the sample considered were the Bitcoin, the Ripple, and the Ethereum, as well as the selection of the U.S. Dollar, the Japanese Yen, the Chinese Yuan, and the British Sterling as formal currencies. The examined period was six years, from August 01, 2015, to August 01, 2021. Different statistical methods were utilized, including regression analysis, descriptive statistics, analysis of the stationarity of the variables, VAR model, forecast error variance decomposition analysis, impulse response functions, Granger causality test. The benchmark variable of this paper was Bitcoin. This cryptocurrency is the most stable one. Also, Bitcoin is the most widespread virtual currency and the digital currency with the most ownerships and users. Bitcoin is trusted by the majority of people. The outcomes of the research showed that the variations of the Bitcoin are affected by the variations of the U.S. Dollar and the Japanese Yen. The effects are not strong. There is a small influence among the returns of the prices of the traditional currencies and the Bitcoin. Similarly, a variation of the prices of Bitcoin has a small, negative influence on the return of the prices of the U.S Dollar, the Japanese Yen, the Chinese Yuan, and the British Pound. On the other hand, any variation of the prices of Bitcoin has a positive influence on the price of the Ripple and on the price of Ethereum. The variables are stationary.
