Data Mining Reveals the Factors Driving the Price of Bitcoins | MIT Technology Review

See on Scoop.itData Nerd’s Corner

Two years ago a single bitcoin was worth around $5. Today it is worth around $600. Now one economist has worked out exactly what forces are behind this dramatic increase.

Carla Gentry CSPO‘s insight:

So exactly what forces have determined the price of bitcoins? Today we get an answer thanks to the work of Ladislav Kristoufek at the Charles University in Prague, Czech Republic, who has studied the link between bitcoin prices and various other financial yardsticks. He says the data clearly reveals the factors that have influenced the price of bitcoins and those that haven’t.

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