Bitcoin Sebagai Alat Lindung Nilai Inflasi, Tidak Sebagai “Save Havenâ€
DOI:
https://doi.org/10.37278/eprofit.v6i2.820Keywords:
Kripto, Bitcoin, Inflasi, Aset Lindung Safe-Haven, Emas, COVID-19Abstract
Selama pandemi COVID-19 baru-baru ini, banyak kesamaan yang dimiliki oleh Bitcoin dan emas yang menimbulkan pertanyaan apakah Bitcoin dapat melindungi nilai inflasi atau menjadi safe haven seperti yang sering dilakukan oleh emas. Dengan mengestimasi model Vector Autoregression (VAR), peneliti memberikan bukti sistematis mengenai hubungan antara inflasi, ketidakpastian, dan harga Bitcoin dan emas. Bitcoin mengalami kenaikan akibat guncangan inflasi (atau perkiraan inflasi), mengonfirmasi sifat lindung nilai inflasi yang diklaim oleh para investor. Namun, tidak seperti emas, harga Bitcoin menurun sebagai respon terhadap guncangan ketidakpastian keuangan, menolak kualitas safe haven. Menariknya, harga Bitcoin tidak menurun setelah guncangan ketidakpastian kebijakan, sebagian konsisten dengan gagasan independensi Bitcoin dari otoritas pemerintah. Peneliti juga menemukan asimetri yang menarik dalam pendorong dinamika harga Bitcoin antara pasar bullish dan bearish. Temuan utama ini berlaku dengan atau tanpa adanya peristiwa pandemi COVID-19.
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