00000nam 2200000za 4500 9.823449 CaOODSP 20221107143911 cr ||||||||||| 160831s2016 oncd ob f000 0 eng d CaOODSP eng eng fre n-cn--- FB3-5/2016-42E-PDF Bolt, Wilko. On the value of virtual currencies [electronic resource] / by Wilko Bolt and Maarten R.C. van Oordt. [Ottawa] : Bank of Canada, c2016. ii, 35 p. : graphs. Staff Working Paper, 1701-9397 ; 2016-42 "August 2016." Includes bibliographical references. "This paper develops an economic framework to analyze the exchange rate of virtual currency. Three components are important: first, the current use of virtual currency to make payments; second, the decision of forward-looking investors to buy virtual currency(thereby effectively regulating its supply); and third, the elements that jointly drive future consumer adoption and merchant acceptance of virtual currency. The model predicts that, as virtual currency becomes more established, the exchange rate will become less sensitive to the impact of shocks to speculators’ beliefs. This undermines the notion that excessive exchange rate volatility will prohibit widespread use of virtual currency."-Abstract. (Résumé en français). gccst Currency Van Oordt, Maarten R. C. Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2016-42 (CaOODSP)9.806221 PDF 496 KB https://publications.gc.ca/collections/collection_2016/banque-bank-canada/FB3-5-2016-42-eng.pdf